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Draft Rules and Regulations under Insolvency and Bankruptcy Code, 2016

Draft Rules and Regulations under Insolvency and Bankruptcy Code, 2016


Keeping view to change the scenario of the Insolvency and Bankruptcy to make economic reforms in India, now the Government has issued Draft Rules and Regulations under Insolvency and Bankruptcy Code, 2016.



The Draft Rules and Regulations have been uploaded on a web portal by the Ministry of Corporate affairs. The Ministry has issued a public notice dated 6th October, 2016 inviting the comments on the Draft Rules and Regulations under Insolvency and Bankruptcy Code, 2016


According to the notice issued by the Ministry of corporate Affairs, a working group was set up as part of the process for implanting the  Insolvency and Bankruptcy Code, 2016. The working group as mentioned above consisted practitioners and experts for making recommendations for drafting regulations for registration and regulation on insolvency professionals and insolvency professional agencies.



Further, the public notice mentions that, based on the recommendations of the working group following regulations have been drafted:

1. Draft Insolvency and Bankruptcy (Model Bye-Laws of Insolvency Professional Agencies) Regulations, 2016

2. Draft Insolvency and Bankruptcy (Registration of Insolvency Professional Agencies) Regulations, 2016

3.  Download Draft Insolvency and Bankruptcy (Registration of Insolvency Professionals) Regulations, 2016


Comments invited by the Government,

The ministry has invited comments from the stakeholder on the draft rules and regulations, according to the public notice. The last date of submission of the  comments as mentioned is 28th October, 2016.




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