IBBI Invites Suggestions to Simplify, Ease and Reduce Cost of Compliance:

IBBI Invites Suggestions to Simplify, Ease and Reduce Cost of Compliance The Insolvency and Bankruptcy Board of India (IBBI) has released a press note on April 7, 2025, inviting public suggestions to improve all regulations made under the Insolvency and Bankruptcy Code, 2016 (IBC). The goal is to make these rules simpler, easier to follow, and more cost-effective for stakeholders. Under Section 240 of the IBC, read with Sections 188 and 196, the IBBI has the power to make regulations. Since the beginning, the IBBI has followed a transparent and consultative process to create and update these rules. This process involves taking inputs from professionals, businesses, experts, and the public so that the final regulations are effective and practical. The IBBI is of the view that public consultation is central to good governance. When those who are directly impacted by the rules are included in their making, the outcome is usually more balanced and well-accepted. It also builds a sense of ownership among stakeholders and increases compliance. Over the years, the IBBI has tried to engage with its stakeholders through various means like public notices, online consultations, and in-person meetings. This time, it has once again opened the floor to suggestions from all stakeholders, including insolvency professionals, financial creditors, corporate debtors, academics, and even general citizens. IBBI ensures that the legal framework remains up-to-date and in sync with the needs of the market by asking for suggestions on all current rules. It is also a step towards making the insolvency system of India more efficient and user-friendly. These steps indicate the commitment of IBBI to participative policymaking and continuous growth. It is a great chance for individuals and organizations to contribute to shaping the future of insolvency law in India. Those interested can submit their suggestions directly to the IBBI through the official channels mentioned on their website.