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Date: 31-Jan-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by clause t of sub section 1 of section 196 and section 240 read with clause e of section 2 of the Insolvency and Bankruptcy Code

Issued by Insolvency and Bankruptcy Board of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification pertains to the Insolvency and Bankruptcy Board of India (IBBI) amending the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.
  • These amendments are termed the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024.
  • The amendments come into force on the date of their publication in the Official Gazette, which is January 31, 2024.

Key Changes

  • Regulation 3(1) of the principal regulations is amended by inserting 'and' after 'guarantor;' in clause (a), substituting '; and' with '.' in clause (b), and omitting clause (c).
  • Regulation 5(1) of the principal regulations is amended by omitting clause (c) of the proviso.

Impact Analysis

Impact on Personal Guarantors to Corporate Debtors

  • The omission of clause (c) from the proviso of Regulation 5(1) likely modifies the conditions or exceptions related to a specific aspect of the bankruptcy process for personal guarantors.

Impact on Creditors

  • The changes to Regulations 3 and 5 may affect the procedures and requirements for creditors seeking to recover debts from personal guarantors.

Suggested Action Items

  • Communicate the changes to relevant stakeholders, including creditors and personal guarantors.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The regulatory body responsible for implementing and overseeing the Insolvency and Bankruptcy Code, 2016. Insolvency and Bankruptcy Code, 2016: The primary legislation governing insolvency and bankruptcy proceedings in India. Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019: The original regulations that are being amended by this notification. Published on November 20, 2019, vide Notification No. IBBI/2019-20/GN/REG051. Personal Guarantors to Corporate Debtors: Individuals who have provided a guarantee for the debts of a corporate entity.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-01022024-251687 xxxGIDHxxx CG-DL-E-01022024-251687 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 72] नई दिल्ली, बधु वार, िनवरी 31, 2024/माघ 11, 1945 No. 72] NEW DELHI, WEDNESDAY, JANUARY 31, 2024/MAGHA 11, 1945 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू ना नई दिल्ली, 31 िनवरी, 2024 भारतीय दिवाला और िोधन अक्षमता बोडड (जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) (सिं ोधन) जवजनयम, 2024 स.ं आई.बी.बी.आई./2023-24/िी.एन./आर.ई.िी.108.—भारतीय दिवाला और िोधन अक्षमता बोडड, दिवाला और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 2 के खंड (ङ) के साथ पठित धारा 196 की उपधारा (1) के खंड (न) तथा धारा 240 द्वारा प्रित्त िजियों का प्रयोग करत े हुए, भारतीय दिवाला और िोधन अक्षमता बोड ड (जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) जवजनयम, 2019 म ें संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत:् - 1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोडड (जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) (संिोधन) जवजनयम, 2024 ि ै। (2) य ेरािपत्र में प्रकािन की तारीख को प्रवृत्त िोंग े। 2. भारतीय दिवाला और िोधन अक्षमता बोड ड (जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) जवजनयम, 2019 (जिन्ि ें इसमें इसके पश्चात ् ‘मूल जवजनयम’ किा गया ि)ै के जवजनयम 3 के उप- जवजनयम (1) के स्ट्पष्टीकरण म,ें - (i) खडं (क) म,ें “सियोगी निीं ि;ै ” िब्िों और जचह्न के पश्चात ् “और” िब्ि अंतःस्ट्थाजपत दकया िाएगा । 637 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (ii) खंड (ख) म,ें “;” जचह्न के स्ट्थान पर “।” जचह्न रखा िाएगा । (iii) खंड (ग) का लोप दकया िाएगा । 3. मूल जवजनयमों में, जवजनयम 5 के उप-जवजनयम (1) के परन्तुक के खंड (ग) का लोप दकया िाएगा । रजव जमत्तल, अध्यक्ष [जवज्ञापन-III/4/असा./726/2023-24] ठिप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) जवजनयम, 2019, भारत के रािपत्र, असाधारण, भाग 3, खंड 4, सं. 412, तारीख 20 नवम्बर, 2019 में अजधसूचना सं. आई.बी.बी.आई./2019-20/िी.एन./आर.ई.िी.051, तारीख 20 नवम्बर, 2019 द्वारा प्रकाजित दकए गए थे । INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 31st January, 2024 Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024 No. IBBI/2023-24/GN/REG108.—In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 and 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 (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, namely:— 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Bankruptcy 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 (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (hereinafter referred to as ‘the principal regulations’), in regulation 3, in sub-regulation (1), in explanation, (i) in clause (a), after the word and mark “guarantor;”, the word “and” shall be inserted. (ii) in clause (b), for the mark and word “; and”, the mark “.” shall be substituted. (iii) clause (c) shall be omitted. 3. In the principal regulations, in regulation 5, in sub-regulation (1), in the proviso, clause (c) shall be omitted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./726/2023-24] Note: The Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 were published vide Notification No. IBBI/2019-20/GN/REG051, dated 20th November, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 412 on 20th November, 2019. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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