IBBI has made amendments to the insolvency resolution process for personal guarantors and voluntary liquidation process. The changes remove restrictions on an Insolvency Professional (IP) to be appointed as a Resolution Professional (RP) for personal guarantors. The amendments also make the convening of meeting of creditors mandatory in personal guarantor cases.
The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to insolvency resolution process for personal guarantors and voluntary liquidation process.
Changes have been made to the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors regulations and
Exactly a year ago, I wrote that the bankruptcy law badly needs fixing. At that time, the government appeared to be serious about overhauling the legislation in the 2023 Budget.
Rite Aid says it will close at least 154 stores as it goes through bankruptcy. The chain had 2,253 stores as of September 3, and the U.S. Bankruptcy Court in New Jersey also approved additional closings at a later date.