IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

The Code Insolvency and Bankruptcy Code, 2016 (IBC) Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors […]

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Insolvency and Bankruptcy Code, 2016 (IBC)

Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

Personal Guarantors Bankruptcy Regulations, 2019

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Chapter I – Preliminary

Regulation-1 Short title, commencement and application
Regulation-2 Definitions

Chapter II – Bankruptcy Trustee

Regulation-3 Eligibility of bankruptcy trustee
Regulation-4 Fees of bankruptcy trustee
Regulation-5 Appointment of professionals
Regulation-6 Registers and books
Regulation-7 Reports by bankruptcy trustee
Regulation-8 Preliminary report
Regulation-9 Early completion of administration
Regulation-10 Progress reports
Regulation-11 Final report
Regulation-12 Persons to extend cooperation
Regulation-13 Preservation of records

Chapter III – Claims

Regulation-14 Future claims
Regulation-15 Negotiable instruments
Regulation-16 Periodical payments
Regulation-17 Determination of quantum of claim
Regulation-18 Debt in foreign currency
Regulation-19 Transfer of debt due to creditors
Regulation-20 Committee of creditors

Chapter IV – Meetings of Committee and Voting

Regulation-21 Notice for meeting
Regulation-22 Quorum
Regulation-23 Conduct of meeting
Regulation-24 Voting share
Regulation-25 Voting by the committee
Regulation-26 Voting by proxy

Chapter V – Realisation of Assets 

Regulation-27 Mode of sale
Regulation-28 Acquisition, etc., of after acquired property by bankrupt
Regulation-29 Disclaimer of onerous property
Regulation-30 Valuation of assets
Regulation-31 Realisation of security interest

Chapter VI – Proceeds of Bankruptcy Process and Distribution of Proceeds

Regulation-32 Bank account for bankruptcy process
Regulation-33 Distribution of dividend to claimant of deceased creditor
Regulation-34 Distribution of dividend
Regulation-35 Return of amount
Regulation-36 Unclaimed proceeds of bankruptcy or undistributed assets
Regulation-37 Debt counselling
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