The Act removes criminal penalties for minor regulatory defaults across 79 laws. It replaces them with civil penalties and adjudication mechanisms.
SC held that creditors may initiate insolvency proceedings against both principal debtor and corporate guarantor simultaneously. Ruling confirms that co-extensive liability permits parallel CIRP under IBC.
The Discussion Paper proposes enhanced recording of CoC deliberations, rationalised CIRP costs, and safeguards against related-party influence. Legislative backing is suggested for certain reforms.
Explore proposed amendments to IBBI (Information Utilities) Regulations aiming to enhance insolvency resolution in India. Analyze key proposals and areas of concern for a comprehensive understanding.
Provisions to enforce guarantees, given to creditors/lenders either by individuals (generally promoters, directors, partners of LLP with their Spouse / relatives) or by corporate for credit facilities extended to borrowers, are governed by IBC 2016
