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        IBC

        Rule 15 - Restriction on bankrupt

        Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019

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        Restriction on bankrupt applies to high value financial or commercial transactions, limiting participation in specified dealings. Rule 15 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 prescribes a restriction on the bankrupt under clause (d) of sub section (1) of section 141, applying that restriction to financial or commercial transactions at or above a specified monetary threshold, thereby limiting the bankrupt personal guarantor's participation in higher value transactions.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Restriction on bankrupt applies to high value financial or commercial transactions, limiting participation in specified dealings.

                              Rule 15 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 prescribes a restriction on the bankrupt under clause (d) of sub section (1) of section 141, applying that restriction to financial or commercial transactions at or above a specified monetary threshold, thereby limiting the bankrupt personal guarantor's participation in higher value transactions.


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