Personal Guarantor Insolvency: Resolution Professionals Must File Application When Debtor Fails to Prepare Repayment Plan Under Section 105

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....The IBBI amended personal guarantor insolvency regulations by inserting regulation 17B, mandating that when a debtor fails to prepare a repayment plan under section 105, the resolution professional must file an application with creditor approval before the Adjudicating Authority. The amendment seeks to provide clear procedural guidance for scenarios involving non-submission of repayment plans, enabling the resolution professional to seek appropriate directions from the Adjudicating Authority when a debtor does not comply with statutory repayment plan requirements. The amendment becomes effective upon official gazette publication, introducing a structured approach to handling unresolved personal guarantor insolvency cases.....