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On 15th September 2026, the Insolvency and Bankruptcy Board of India (IBBI) proposed four key amendments to strengthen safeguards for creditors in insolvency resolution proceedings involving personal guarantors of corporate debtors.
Key Amendments and Provisions
- Restriction on Voting by Related Parties: Creditors qualifying as related parties of the personal guarantor will be excluded from voting on the repayment plan to prevent conflicts of interest.
- Stricter Scrutiny of Avoidance Transactions: Resolution Professionals (RPs) will be required to examine whether the guarantor was involved in preferential, undervalued, or fraudulent transactions during the relevant period. The findings will be placed before creditors before voting.
- Independent Valuation of Assets: A registered valuer will be appointed to determine the fair and realizable value of the guarantor’s assets. The valuation report will be submitted to the creditors.
- Recording Reasons for Decisions: Resolution Professionals will be required to record not only the voting outcomes but also the deliberations and reasons underlying the decisions taken by creditors.
These amendments seek to enhance transparency, accountability, and creditor protection in insolvency proceedings involving personal guarantors.
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