The Ministry of Corporate Affairs in its Notification dated 15th November 2019, Appoints 1st Day of December 2019 as the date on which certain provisions of the Insolvency and Bankruptcy code, 2016, as they relate to personal guarantors to corporate debtors, shall come into effect.
The Following provisions of the said code shall be in force from 1st December 2019:
- Section 2(e), under which the Code shall be applicable to partnership firms and individuals.
- Section 78 (except with regard to fresh start process) and Section 79 related to Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms.
- Sections 94 to 187 dealing with Insolvency Resolution Process.
- Section 239(2)(g)-(i) and 239(2)(m)-(zc) dealing with central governments power to make rules in certain matters.
- Section 240(2)(zn)-(zs) specifies power to make regulations.
- Section 249 specifies that the Recovery of Debts due to Banks and Financial Institutions Act, 1993 shall be amended in the manner specified in the Fifth Schedule.
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