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of <h1>New Insolvency Rules for Personal Guarantors to Corporate Debtors Now Effective: Key Terms, Application Process, and Procedures Explained.</h1> The Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, issued by the Ministry of Corporate Affairs, came into effect on December 1, 2019. These rules apply to the insolvency resolution process for personal guarantors to corporate debtors. The rules define key terms and outline the application process for both guarantors and creditors. Applications must be submitted using specified forms, with accompanying fees and documentation. The rules also provide for the withdrawal of applications under certain conditions and establish procedures for appointing insolvency professionals.
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