NEW DELHI: Banks and other entities have involved personal bankruptcy provisions in over 1,800 cases against personal guarantors a majority of whom would be ousted promoters of companies which faced action under Insolvency and Bankruptcy Code but realisation of claims has been extremely poor, so far.
Claims filed against the personal guarantors topped Rs 1. 5 lakh crore at the end of March 2023, latest data released by the Insolvency & Bankruptcy Board of India showed.
But the numbers also revealed that progress has been slow. Of the 1,839 cases filed after the rules for personal insolvency came into effect in December 2019, resolution professionals have been appointed in 42% or 760 cases (63 cases weredismissed or withdrawn).
The record …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/just-1-6-realised-in-insolvency-cases-against-loan-guarantors/articleshow/100236197.cms?from=mdr