Individual Bankruptcy

Draft IBC amendments propose to remove 'perverse incentives'

IBBI had invited comments from the stakeholders to suggest if parts of stressed assets could be sold off instead of as a whole

A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines

Though the Insolvency and Bankruptcy Code, 2016 came into effect on December 2, 2016, and has rules for individual bankruptcy too, they have not been notified yet

The law can help keep a check on instances where loans are given not on the basis of the debtor's creditworthiness, but because of a personal guarantor

For the first time in India, debtors and operational creditors will be able to trigger insolvency once the individual insolvency code is notified