Revisiting the Liability of a Personal Guarantor Under IBC (Insolvency and Bankruptcy Code) 2016: An

Ancoraa Resolution01 May, 2023Business

Insolvency and Bankruptcy Code 2016 provides for insolvency and bankruptcy of limited liabilities entities (like companies and LLPs), and others (individuals and partnerships under the 1932 Act) separately. While those parts applicable to Companies and LLPs were notified earlier, the individual insolvency parts were not notified at that time. With effect from 01/12/2019, provisions of the Act have been made applicable to a Personal Guarantor under IBC.