Insolvency Proceedings Against Personal Guarantor Under IBC

Ancoraa Resolution16 Feb, 2023Finance

Insolvency and Bankruptcy Forum updated its guidelines in November 2019 for initiating an insolvency proceeding against a corporate debtor?s personal guarantor. The Indian Contract Act, 1872, controls the legislation about the guarantee agreement that a guarantor (or surety) and the principal debtor (or other debtor) enter into with the creditor.