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The Insolvency and Bankruptcy Board today sought comments from the public on draft norms for insolvency resolution process for individuals running businesses and personal guarantors. Comments have been sought on draft regulations pertaining to insolvency resolution process for individuals and firms. Views have also been invited on draft norms relating to application to adjudicating authority for insolvency resolution process for individuals and firms. The regulations come under the Insolvency and Bankruptcy Code (IBC). For now, the Insolvency and Bankruptcy Board of India (IBBI) is looking to put in place the framework for insolvency process in relation to two categories of people, including guarantors to corporate debtors or personal guarantors. The other category is individuals having business such as partnership, proprietorship and startup. The move follows a working group, constituted by the IBBI, submitting a report dealing with insolvency resolution process of individuals and firms, according to an official release. The working group intends to submit a separate report for bankruptcy process of individuals and firms, it added. Under the Code, cases related to insolvency of individuals would go before the Debt Recovery Tribunal. In a recent interview, IBBI Chairperson M S Sahoo had said one of the priorities is to operationalise the individual insolvency regime in respect of guarantors to the corporates and the individuals having proprietary business. Comments on the draft norms can be submitted to the IBBI till October 31, the release said. The Code, being implemented by the IBBI, became operational in December last year and it provides for a market-determined and time-bound insolvency resolution process.
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