Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024 - IBBI/2023-24/GN/REG107 - Insolvency and Bankruptcy

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 31st January, 2024 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024 No. IBBI/2023-24/GN/REG107 . In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 , section 240 read with clause (e) of section 2 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) , the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 , namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (hereinafter referred to as the principal regulations ), in regulation 4, in sub-regulation (1) , in Explanation, in clause (i), (i) in sub-clause (a), after the word and mark guarantor; , the word and shall be inserted. (ii) in sub-clause (b), for the mark and word ; and , the mark . shall be substituted. (iii) sub-clause (c) shall be omitted. 3. In the principal regulations, after regulation 17 , the following shall be inserted namely: - 17A. Meeting of the creditors. The resolution professional shall place the repayment plan as mentioned under section 105 in a meeting of the creditors for its consideration. Provided that where no repayment plan has been received within such period as stipulated under section 106, the resolution professional shall notify the same in a meeting of creditors. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./725/2023-24] Note : The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 were published vide Notification No. IBBI/2019-20/GN/REG050, dated 20th November, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 413 on 20th November, 2019