Rules for individual bankruptcy might take still longer to come.
A key official involved in framing it, says: While insolvency provisions for companies would not create a direct social impact, individual bankruptcy provisions will directly have social fallouts.
The Insolvency and Bankruptcy Code (IBC) is in force since 2016 for corporate entities. The government has also issued a draft set of rules for cross-border insolvency. Norms for corporate guarantors, proprietorship and partnership firms are likely soon. Officials say bankruptcy is still seen in India in a derogatory sense and could affect families. Hence the caution in finalising rules for individual insolvency.
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Read the full article at: https://www.business-standard.com/article/companies/individual-bankruptcy-rules-to-take-more-time-all-you-need-to-know-118062900054_1.html
