Promoters or directors who have provided surety for a stressed company’s debt will be required to declare their holdings of crypto, jewellery, works of art, high-end watches, beneficial ownerships and foreign assets, as part of reporting personal wealth during bankruptcy resolution, according to the draft regulations floated by the insolvency regulator.
The personal guarantors to corporate debtors will have to disclose their own assets, as stipulated under a dozen categories, regardless of the fact that they have filed for bankruptcy voluntarily or are compelled by creditors into doing so.
These categories cover a wide spectrum of tangible and intangible assets, reflecting the Insolvency and Bankruptcy Board of India’s (IBBI’s)…