To ensure faster resolution and greater efficiency during insolvency proceedings, the Insolvency and Bankruptcy Board of India (IBBI) has proposed changes in the process of appointing resolution professionals for personal guarantors to corporate debtors, while recognising the interconnectedness between the two.
In a new discussion paper, the IBBI has also proposed sharing reports prepared by the resolution professional (RP) under section 99 of the Insolvency and Bankruptcy Code (IBC) with the personal guarantor and creditors as well as mandating that a meeting of the creditors be summoned in case of insolvency resolution process of personal guarantors to corporate debtors.
The IBBI has sought public comments by October 19 and would l…
Read the full article at: https://www.businesstoday.in/latest/in-focus/story/ibbi-discussion-paper-suggests-changes-in-insolvency-process-for-personal-guarantors-to-corporate-debtors-400859-2023-10-05