Insolvency and Bankruptcy Board of India vide notification dated 12th October, 2023 has invited suggestions to simplify, ease and reduce cost of compliance of Regulations notified under the Insolvency and Bankruptcy Code, 2016.
Apart from wide and transparent public consultation before making regulations, the IBBI follows a dual-review mechanism of its regulations, as under –
(a) Annual review of Regulations after inviting public comments.
(b) Review of regulations every three years based on set criteria including intended objectives
and outcomes achieved.
In furtherance of the same, suggestions/comments from public and regulated entities are invited on the Regulations for simplifying, easing and reducing cost of compliance. The comments may be provided online by visiting the IBBI website at – https://ibbi.gov.in/webfront/regulation_comment.php.
