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of <h1>Section 60 Amended: Insolvency Code Now Includes Corporate and Personal Guarantors in Liquidation or Bankruptcy Proceedings.</h1> Section 60 of the Insolvency and Bankruptcy Code has been amended to broaden the scope of proceedings involving guarantors. The amendments replace references to the 'bankruptcy of a personal guarantor' with 'liquidation or bankruptcy of a corporate guarantor or personal guarantor' in both subsections (2) and (3). This change ensures that the provisions apply to both corporate and personal guarantors of a corporate debtor, enhancing the comprehensiveness of the legal framework governing insolvency and bankruptcy matters.
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