Insolvency and Bankruptcy Code application scope revised to cover personal guarantors, partnership firms, proprietorship firms, and other individuals. The Insolvency and Bankruptcy Code is amended to revise the scope of the principal Act's application. The amendment omits the word "and" from clause (d) ... Summary
Insolvency and Bankruptcy Code application scope revised to cover personal guarantors, partnership firms, proprietorship firms, and other individuals.
The Insolvency and Bankruptcy Code is amended to revise the scope of the principal Act's application. The amendment omits the word "and" from clause (d) of section 2 and substitutes the former clause (e) with a new set of categories covering personal guarantors to corporate debtors, partnership firms and proprietorship firms, and individuals other than those falling within the personal guarantor category.
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