The bankruptcy regulator on Thursday extended the timeline for insolvency professionals by three months through September 30 to file forms electronically for the monitoring of resolution processes involving guarantors who have offered personal surety for corporate debtors.
The Insolvency and Bankruptcy Board of India (IBBI) had mandated the filing on its platform between March 31 and June 30, depending on the stage of the resolution process pertaining to personal guarantors. Failure to do so would attract penalties, it had then said.
The extension is granted after representations by insolvency professionals (IPs) and IP agencies for relief, the regulator said in a circular. They had cited technicalities, difficulties, and the transitional…