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The Insolvency and Bankruptcy Board of India establishes the framework for making, amending, and reviewing its regulations. The Board must publish draft regulations on its website for public comments for at least twenty-one days and conduct an economic analysis before approval. The Board reviews each regulation every three years. The Board may make urgent regulations without public consultation when necessary.
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GAZETTE OF INDIA EXTRAORDINARY PART III, SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, MONDAY, 22ND OCTOBER, 2018
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION
New Delhi, the 22nd October, 2018
No. IBBI/2018-19/GN/REG038- In exercise of the powers conferred by clause (s) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations, namely:-
CHAPTER I
PRELIMINARY
(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018.
(2) Save as otherwise provided, these regulations shall come into force on the date of their publication in the Official Gazette.
(3) These regulations shall not apply to regulations made by the Board in respect of organizational matters.
(1) In these regulations, unless the context otherwise requires,-
(2) Words and expressions used and not defined in these regulations but defined in the Code shall have the meanings respectively assigned to them in the Code.
CHAPTER II
MAKING OF REGULATIONS
The Board may make regulations to carry out the provisions of the Code in compliance with regulations 4 and 5.
(1) For the purpose of making regulations, the Board shall upload the following, with the approval of the Governing Board, on its website seeking comments from the public-
(2) The Board shall allow at least twenty one days for public to submit their comments.
(3) The Board shall consider the public comments received and upload the same on its website along with a general statement of its response on the comments, not later than the date of notification of regulations.
(4) If the Governing Board decides to approve regulations in a form substantially different from the proposed regulations, it shall repeat the process under this regulation.
(5) The regulations shall be notified promptly after it is approved by the Governing Board and the date of their enforcement shall ordinarily be after thirty days from the date of notification unless a different date is specified therein.
(6) Without prejudice to provisions in this regulation, the Board may consult stakeholders and advisory committees, as it may consider appropriate for making regulations.
(1) The Board shall cause an economic analysis of the proposed regulations to be made.
(2) The economic analysis shall cover the following:-
CHAPTER III
AMENDMENT AND REVIEW OF REGULATIONS
An amendment to any regulations shall be made in compliance with the provisions of regulations 4 and 5.
The Board shall review each regulation every three years unless a review is warranted earlier and amend or repeal any regulation, keeping in view-
CHAPTER IV
MISCELLANOUS
Where the Board is of the opinion that certain regulations are required to be made or existing regulations are required to be amended urgently, it may make regulations or amend the existing regulations, as the case may be, with the approval of Governing Board, without following the provisions of regulations 4 and 5.
The Board may provide for a scheme for general or specific clarification or guidance on the provisions of regulations made by it either on a request by a person or on its own, subject to the condition that such clarification or guidance shall not be construed as determination of any question of fact or law.
(Dr. M. S. Sahoo) Chairperson Insolvency and Bankruptcy Board of India
