The government has issued draft norms for registration of insolvency professionals and agencies under the Insolvency and Bankruptcy Code. <br/><br/>The draft norms issued by the Corporate Affairs Ministry has been put up for public comments till 28th of this month. While the Code is in the process of implementation,the government has set up the Insolvency and Bankruptcy Board of India. <br/><br/>Notified by the government in May, the Code seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.<br/><br/>Under the new law, employees, creditors and shareholders would have powers to initiate winding up process at the first sign of financial stress such as serious default in repayment of bank loan.