Legal Remedies available from Personal Guarantors to Corporate Debtors under the Individual Insolvency Process: Lawyers Advice
While the Insolvency and Bankruptcy Code, 2016 is just a couple of years old, the IBBI has commenced the individual insolvency process under the IBC as well. The Chairman of the IBBI, Ms Sahoo stated that this process has been categorised into three categories which are – Personal guarantors to corporate debtors, Proprietary and partnership firms, The rest of the individuals. By a notification dated 15 November, 2019 as of 1 December, 2019 the Central Government has brought into effect Part III of the IBC, 2016. This article aims to examine the effect of insolvency proceedings of personal guarantors to...
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