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Notification of Regulations for Bankruptcy Trustee 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 (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, inter-alia, providing below compliance:

  1. Appointment of insolvency professional as bankruptcy trustee
  2. Appointment of professionals by bankruptcy trustee
  3. Submission of reports and maintenance of registers by bankruptcy trustee
  4. Submission of quarterly progress report to Adjudicating Authority
  5. Process for future claims by creditors
  6. Process for bankruptcy trustee to convene meeting for voting
  7. Process for asset realization & proceeds distribution

Source: http://egazette.nic.in/WriteReadData/2019/214254.pdf