The Insolvency and Bankruptcy Code, 2016 (Code) is an economic legislation that empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations.

The IBBI has evolved a transparent and consultative process to make regulations, said a PIB release.

Public consultation enables collective choice and hence plays an important role in evolution of regulatory framework. The participation of the public, particularly the stakeholders and the regulated, in the regulatory process ensures that the regulations are informed by the legitimate needs of those interested in and affected by regulations.

Given the importance of subordinate legislations for the processes under the Code, it is essential that the IBBI has a structured, robust mechanism, which includes effective engagement with the stakeholders, for making regulations.

The IBBI has invited comments from public, including the stakeholders and the regulated, on the draft Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations), Regulations, 2018.