The IBC classifies individuals into three categories- personal guarantors to corporate debtors, partnership firms and proprietorship firms and other individuals to enable implementation of individual insolvency in a phased manner.
The National Company Law Tribunal (NCLT) Chennai has held that the threshold limit for initiating the Personal Insolvency Resolution Process (PIRP) under Sections 94 or 95 of the Insolvency and Bankruptcy Code, 2016 (Code), shall be the same as that for a Corporate Debtor under Section 4 of the Code, i.e., ₹1 crore.
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In order to initiate the Insolvency Resolution Process against himself as the Personal Guarantor for SKV United…
