Notification of Regulations for Insolvency process for Personal Guarantors to Corporate Debtors, effective from December 1, 2019

Insolvency and Bankruptcy Board of India (“IBBI”) vide Gazette Notification dated November 20, 2019, notified the Insolvency and Bankruptcy Board of India (Insolvency Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, inter-alia, providing below compliance:

1. Appointment of resolution profession
2. Procedure for a creditor to submit claim for registration
3. Procedure for meeting of creditors
4. Contents of repayment plan and filing this plan before Adjudicating Authority

Source: http://egazette.nic.in/WriteReadData/2019/214255.pdf