The Ministry of Corporate Affairs had set-up a working group consisting of practitioners and experts for making recommendation for drafting regulations in respect of registration and regulations of Insolvency and Insolvency professionals and Insolvency professional agencies envisaged under the code. The following regulations have been drafted and made available on the Ministry’s website:
(1) Insolvency and Bankruptcy (Registration of Insolvency Professionals) Regulations, 2016.
(2) Insolvency and Bankruptcy (Registration of Insolvency Professional Agencies) Regulations, 2016.
(3) Insolvency and Bankruptcy (Model Bye-laws of Insolvency Professional Agencies) Regulations, 2016
The Ministry has invited comments from the stakeholders on the draft regulations in the prescribed format latest by 28th October, 2016.