PM Narendra Modi. (Image: PTI)The government is considering bringing in regulations in phases to deal with individual bankruptcy under the overarching law the Insolvency and Bankruptcy Code (IBC) 2016. Sources told FE the government will first come up with insolvency regulations for individuals who are into businesses, which could be announced in a month. Individuals giving personal guarantees for corporate loans and an overwhelming chunk of micro and small and medium enterprises (MSMEs) that are basically proprietorship and partnership firms will be covered by these regulations. The next phase of rules would be to deal with cases where individuals who are not into any business and yet go bankrupt to service personal debt…
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