Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 Chapter VI PROCEEDS OF BANKRUPTCY PROCESS AND DISTRIBUTION OF PROCEEDS
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Return of amount: creditors must repay wrongly received distribution under bankruptcy process rules for personal guarantor proceedings. Regulation 35 mandates that a creditor who has received funds in a distribution under the bankruptcy process for personal guarantors to corporate debtors ... Summary
Return of amount: creditors must repay wrongly received distribution under bankruptcy process rules for personal guarantor proceedings.
Regulation 35 mandates that a creditor who has received funds in a distribution under the bankruptcy process for personal guarantors to corporate debtors must return any amount to which the creditor was not entitled at the time of distribution or which later ceases to be due, creating a repayment obligation tied to the distribution of proceeds.
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