New insolvency rules for individual firms by Dec 2017

The rules of the new insolvency regulations to bring individual businesses under its purview are likely to be in place soon, an official of the Insolvency and Bankruptcy Board of India (IBBI) said .

"The rules and regulations for the first phase for Insolvency Regulations for Individuals and Firms is expected to be in place by December this year," IBBI DGM Ranjita Dubey said on the sidelines of Merchants' Chamber of Commerce interactive session.

The draft rules dealing with insolvency resolution process of individuals and firms was put on the website for public comments with a deadline of 31 October.

IBBI is continuing with interactions on the draft rules and indicated that feedbacks can be considered if they reaches them till November 10.

Dubey said initially firms, individual business and corporate guaranteers will be brought under the purview.

Expanding the scope on the entire individual population will not be feasible now with the given infrastructure, IBBI officials said.