The Insolvency and Bankruptcy Board of India (IBBI) on January 31, 2024, issued the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024 to further amend the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.
The following amendments have been stated:
• Regulation 3 which states the Eligibility of bankruptcy trustee, in sub-regulation (1), in explanation,
(i) In clause (a), after the word and mark “guarantor;”, the words “and” shall be inserted.
(ii) in clause (b), for the mark and word “; and”, the mark “.” shall be substituted.
(iii) clause (c) shall be omitted.
• Regulation 5 which states the Appointment of professionals, in sub-regulation (1), in the proviso, clause (c) has been omitted.
They shall come into force on January 31, 2024.
[Notification No. IBBI/2023-24/GN/REG108]
