TaxTMI 
TaxTMI 
Government issued Advisory to PSBs to moot action against personal guarantors of corporate debtors
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....overnment issued Advisory to PSBs to moot action against personal guarantors of corporate debtors <br>News and Press Release<br>Dated:- 21-9-2020<br><BR>The Insolvency and Bankruptcy (Application to A....
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....djudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 empowering creditors to file insolvency application against personal guarantors to cor....
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....porate debtors before the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corpor....
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....ate Affairs in a written reply to a question in Lok Sabha. In the context of the above, the Department of Financial Services had issued as advisory dated 26.8.2020 to Public Sector Banks that they ma....
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....y consider putting in place a mechanism for monitoring the cases which may require initiation of individual insolvency process before NCLT against personal guarantors to corporate debtors, and that th....
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....ey may also consider setting up an information technology system to collate data regarding personal guarantors to corporate debtors for requisite follow-up and consequential action, the Minister state....
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....d in the written reply.<BR> News - Press release - PIB....