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IBC norms for corporate debtors' guarantors from Dec 1
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SME Times News Bureau | 16 Nov, 2019
In a bid to boost the bankruptcy and insolvency mechanism, the
government on Friday said the insolvency regime and the norms for
individual guarantors of corporate debtors will come into force from
December 1.
A notification by the Ministry of Corporate Affairs
(MCA) said that provisions of "(1) clause (e) of section 2, (2) section
78 (except with regard to fresh start process) and section 79", among
others, would come into force only in relation to personal guarantors of
corporate debtors.
According to 'Clause (e) of Section 2' of the
Insolvency and Bankruptcy Code (IBC), the provisions of the code shall
apply to partnership firms and individuals.
The government is implementing the provisions for resolution of individuals under the IBC in a phased manner.
In
another major development, the MCA on Friday also notified the rules
for resolution of systemically important financial services providers
(FSPs) under the bankruptcy law.
The new rules will ensure that
problems in systematically important NBFCs such as Dewan Housing Finance
Corporation (DHFL), IL&FS Financial Services, and India Bulls does
not create trouble for the entire sector.
The rules provide a
generic framework for insolvency and liquidation proceedings of
systemically important FSPs other than banks.
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