The Insolvency and Bankruptcy Code (IBC) plays a pivotal role in providing a structured framework for insolvency resolution processes, ensuring fairness and transparency. The primary focus is on rehabilitating the debtor rather than simply adjudging them as insolvent.
This article discusses the proposal to appoint a Resolution Professional (RP) in Personal Guarantors (PG) cases to streamline Insolvency Proceedings. The proposal also suggests sharing a copy of the RP's report with both the debtor and the creditor to enhance clarity. Additionally, it advocates making the meeting of the creditors mandatory in all PG insolvency matters.
