Kolkata, Nov 3 - Rules and regulations on insolvency resolution process for individuals and firms are expected to be in place by December, an official said on November 3.
The Insolvency and Bankruptcy Board of India (IBBI) had constituted a Working Group to recommend the strategy and approach for implementation of the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) in respect of guarantors to corporate debtors, i.e., personal guarantors, and individuals having business.
The Group has since submitted a report on insolvency resolution process of individuals and firms, and intends to submit a separate report for bankruptcy process of individuals and firms.
"The rules and regulations for the first phase for insolvency resolution for individuals and firms are expected to be in place by December this year," IBBI Deputy GM Ranjita Dubey said on the sidelines of an interactive session organised by Merchants' Chamber of Commerce and Industry.
The draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Individuals and Firms) Rules, 2017, and the draft Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Individuals and Firms) Regulations, 2017 were put on the board's website for public comments with a deadline of October 31.
The board has been continuing with interactions on the draft rules and indicated that feedback could be considered if it reaches them by November 10.