To fine tune the implementation of the Insolvency and Bankruptcy Code, the IBBI has sought views from the public about the regulations under this law, reported PTI.
The Code is implemented by the Insolvency and Bankruptcy Board of India (IBBI).
"The comments received between July 4, 2017 and December 31, 2017 shall be processed together and following the due process, regulations will be modified to the extent considered necessary.
"It will be the endeavour of the IBBI to notify modified regulations by March 31, 2018 and bring them into force on April 1, 2018," an official release said.
According to the release, despite the best of efforts and intentions, a regulator may not always have the understanding of the ground realities, as much and as early as the stakeholders and the regulated may have, particularly in a dynamic environment.
"The stakeholders could, therefore, play a more active role in making regulations. They may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them, in addition to responding urgently to draft regulations proposed by the regulator.
"This is akin to crowd sourcing of ideas," it added.
The Code provides for market-determined and time-bound resolution process.