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of <h1>India's 2019 Bankruptcy Rules for Personal Guarantors: Trustee Roles, Fees, Asset Handling, and Transparency Measures.</h1> The Insolvency and Bankruptcy Board of India issued regulations in 2019 concerning the bankruptcy process for personal guarantors to corporate debtors. Effective from December 1, 2019, these regulations outline the roles and responsibilities of bankruptcy trustees, including eligibility criteria, fee structures, and appointment of professionals. They also detail the process for handling claims, meetings of creditors, and the realization and distribution of assets. The regulations emphasize transparency and accountability, requiring trustees to maintain detailed records and submit regular reports to the Adjudicating Authority. Provisions are included for handling unclaimed proceeds and ensuring cooperation from involved parties.
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