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of <h1>Insolvency Board Amends 2019 Regulations: New Rule 17A for Personal Guarantors, Changes to Sub-regulation 4(1.</h1> The Insolvency and Bankruptcy Board of India issued the 2024 Amendment Regulations for the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors. These amendments modify the 2019 regulations by altering sub-regulation 4(1) to include grammatical changes and omitting sub-clause (c). Additionally, a new regulation 17A is introduced, requiring the resolution professional to present the repayment plan at a creditors' meeting. If no repayment plan is received within the specified period under section 106, the resolution professional must notify the creditors. These amendments take effect upon their publication in the Official Gazette.
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