In a bid to strengthen the resolution process pertaining to personal guarantors, the Insolvency and Bankruptcy Board of India has mandated resolution professionals to provide a copy of its report containing recommendations to both creditors and debtors.
Under the Insolvency and Bankruptcy Code, a resolution professional is required to submit a report before the adjudicating authority that contains the resolution professionals recommendations for approval or rejection of an insolvency application.
This aids the process of justice, as the adjudicating authority gets a professional opinion regarding the admittance of an insolvency application.
The application can be filed either by a creditor or a debtor, depending on the facts and circumst…
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