The Insolvency and Bankruptcy Board of India (IBBI) has amended norms about the insolvency resolution process for personal guarantors and the voluntary liquidation process. Changes have been made to the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors regulations and the Bankruptcy Process for Personal Guarantors to Corporate Debtors regulations.
Restrictions have been removed for an Insolvency Professional (IP) to be appointed as a Resolution Professional (RP) for the process for personal guarantors. In a release on Monday, IBBI said the removal of the restrictions will allow the same IP to get appointed in both the corporate process as well as the insolvency and bankruptcy proceeding of the personal guara…
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