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The Centre is likely to introduce the first set of insolvency regulations relating to corporate guarantors and individual businesses that include proprietorships and firms, Ranjeeta Dubey, Deputy General Manager, Insolvency and Bankruptcy Board of India (IBBI), said.
According to her, this will be the first phase of the regulations. Notification of rules and regulations for the other phases are expected to come in later.
“By December, we hope regulations relating to corporate guarantors and individual businesses will be notified,” Dubey said while addressing a discussion on ‘Draft Insolvency Regulations on Individuals and Firms’ organised by the Merchants’ Chamber of Commerce and Industry.
“There will be a phase-wise implementation of insolvency regulations relating to individuals and firms. The rules are being firmed up,” she added. The draft rules were put on the board’s website for public comments, with a deadline of October 31.
So far, reservations have been raised mostly on the threshold amount of ₹1,000 default that can trigger insolvency proceedings.
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