Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 Chapter II BANKRUPTCY TRUSTEE
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Duty to cooperate with bankruptcy trustee required; failure permits trustee to seek directions from adjudicating authority. The regulation requires specified persons - including the bankrupt, creditors, employees, partners, auditors, appointed professionals, insolvency ... Summary
Duty to cooperate with bankruptcy trustee required; failure permits trustee to seek directions from adjudicating authority.
The regulation requires specified persons - including the bankrupt, creditors, employees, partners, auditors, appointed professionals, insolvency professionals related to the corporate debtor, and any person in possession of the bankrupt's property - to extend all assistance and cooperation to the bankruptcy trustee; the trustee must record particulars of consultations and, after reasonable efforts to obtain cooperation, may apply to the Adjudicating Authority for directions.
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