Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018

Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018

Question: Which is not true in relation to the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018?
(a) The Issuing Regulations are effective from 22nd November, 2019.
(b) The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation.
(c) The Issuing Regulations provide that for the purpose of making or amending any regulations.
(d) Section 196(1)(s) of the Code requires the IBBI to specify mechanisms for issuing regulations, including the conduct of public consultation processes, before notification of regulations.
Answer: (a)
Related Facts:

  • IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018.
  • The Issuing Regulations are effective from 22nd October, 2018.
  • The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation.
  • Section 196(1)(s) of the Code requires the IBBI to specify mechanisms for issuing regulations, including the conduct of public consultation processes, before notification of regulations.
  • Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations:
    (a) carry out the provisions of the Code,
    (b) are consistent with the Code and the rules made thereunder;
    (c) are made by a notification published in the official gazette; and
    (d) are laid, as soon as possible, before each House of Parliament for 30 days.
  • The Issuing Regulations provide that for the purpose of making or amending any regulations, the IBBI shall upload the following, with the approval of the Governing Board, on its website seeking comments from the public-
    1. draft of proposed regulations;
    2. the specific provision of the Code under which the Board proposes regulations;
    3. a statement of the problem that the proposed regulation seeks to address;
    4. an economic analysis of the proposed regulations;
    5. a statement carrying norms advocated by international standard setting agencies and the international best practices, if any, relevant to the proposed regulation;
    6. the manner of implementation of the proposed regulations; and
    7. the manner, process and timelines for receiving comments from the public.

Reference:
https://ibbi.gov.in/webadmin/pdf/press/2018/Oct/Press%20release%20mechanism%20regulations.pdf

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