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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
The insolvency watchdog has amended regulations to allow the same insolvency professional to steer the resolution of a stressed firm as well as the bankruptcy proceedings of its personal guarantors. The removal of the restriction on such a dual role aims to better harmonize and effectively coordinate both processes.
The regulator clarified disciplinary proceedings, the limit on the number of assignments, and fee structures for Insolvency Professional Entities (IPEs), , Insolvency and Bankruptcy Board of India (IBBI), insolvency professional entities (IPE)
According to IBBI, the norms that provide for restrictions on the number of assignments that can be undertaken by an IP will not be applicable for IPEs.