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of <h1>Regulation 12 mandates cooperation with bankruptcy trustee from key parties for efficient process completion; trustee can seek authority's help.</h1> Regulation 12 of the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 mandates that specific individuals and entities must assist the bankruptcy trustee in completing the bankruptcy process. These include the bankrupt, creditors, employees, partners, auditors, appointed professionals, and others relevant to the process. The trustee is required to document consultations with these parties. If cooperation is not forthcoming despite reasonable efforts, the trustee may seek directions from the Adjudicating Authority to facilitate the bankruptcy process.
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