Insolvency Proceedings against Corporate Debtors and Personal Guarantors can go on together
By INSOLINDIA EDITORIAL TEAM Posted On : September 26, 2020
Finance Minister Nirmala Sitaraman while replying to a debate on the IBC Second Amendment Bill of 2020 in the Rajys Sabha observed that the law provides for carrying out the resolution process and/or insolvency and bankruptcy proceedings simultaneously against the corporate debtor as well as personal guarantors. This would also affect the inconsistency or conflict of decision both by Committee of Creditors and consequently by Adjudicating Authorities.