MCA invites public comments on Draft Insolvency and Bankruptcy (Application to Adjudicating authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019

May 10, 2019 | by Avantis RegTech Legal Research Team


The Ministry of Corporate Affairs (MCA) on May 08, 2019, has published Draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The Insolvency and Bankruptcy Code, 2016 envisages recognisation and insolvency resolution of corporate persons, partnership firms and individuals in the time bound manner for maximization of value assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all stakeholders. These Rules shall apply to matters relating to bankruptcy of personal guarantors to corporate debtors. It will come into force on the date of its publication in the Official Gazette.

The shareholders are invited for suggestions or comments for the draft Rules. The comments or suggestions along with the brief justification may be sent by e-mail at [email protected] till May 31, 2019.


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