Government issued Advisory to PSBs to moot action against personal guarantors of corporate debtors

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..... Government issued Advisory to PSBs to moot action against personal guarantors of corporate debtors
News and Press Release
Dated:- 21-9-2020

The Insolvency and Bankruptcy (Application to .....

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..... Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 empowering creditors to file insolvency application against personal guarantors to co .....

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..... rporate debtors before the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corpo .....

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..... rate Affairs in a written reply to a question in Lok Sabha. In the context of the above, the Department of Financial Services had issued as advisory dated 26.8.2020 to Public Sector Banks that they m .....

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..... ay consider putting in place a mechanism for monitoring the cases which may require initiation of individual insolvency process before NCLT against personal guarantors to corporate debtors, and that t .....

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..... hey may also consider setting up an information technology system to collate data regarding personal guarantors to corporate debtors for requisite follow-up and consequential action, the Minister stat .....

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..... ed in the written reply.
News - Press release - PIB .....

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