IBBI Amends Norms Relating to the Insolvency Process for Personal Guarantors; Mandates RP to Present a Repayment Plan
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- By Chetan Kulasri
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- Last Updated on 4 February, 2024
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Notification No. IBBI/2023-24/GN/REG107 dated 31.01.2024
The IBBI has notified the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024. A new Regulation 17A has been inserted which mandates the resolution professional to place the repayment plan mentioned under section 105 before the creditors in a meeting for their consideration. Further, if no repayment plan is received within the stipulated period under section 106, the resolution professional shall notify the same in the creditors’ meeting.
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