2.17. The Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

CHAPTER I. PRELIMINARY

      1. Short title, commencement and application.
      2. Definitions.

Chapter II. BANKRUPTCY TRUSTEE

      1. Eligibility of bankruptcy trustee.
      2. Fees of bankruptcy trustee.
      3. Appointment of professionals.
      4. Registers and books.
      5. Reports by bankruptcy trustee.
      6. Preliminary report.
      7. Early completion of administration.
      8. Progress reports.
      9. Final report
      10. Persons to extend cooperation.
      11. Preservation of records.

Chapter III. CLAIMS

      1. Future claims.
      2. Negotiable instruments.
      3. Periodical payments.
      4. Determination of quantum of claim.
      5. Debt in foreign currency.
      6. Transfer of debt due to creditors.
      7. Committee of creditors.

Chapter IV. MEETINGS OF COMMITTEE AND VOTING

      1. Notice for meeting.
      2. Quorum.
      3. Conduct of meeting
      4. Voting share.
      5. Voting by the committee.
      6. Voting by proxy.

Chapter V. REALISATION OF ASSETS

      1. Mode of sale.
      2. Acquisition, etc., of after acquired property by bankrupt.
      3. Disclaimer of onerous property.
      4. Valuation of assets.
      5. Realisation of security interest.

Chapter VI. PROCEEDS OF BANKRUPTCY PROCESS AND DISTRIBUTION OF PROCEEDS

      1. Bank account for bankruptcy process.
      2. Distribution of dividend to claimant of deceased creditor.
      3. Distribution of dividend.
      4. Return of amount.
      5. Unclaimed proceeds of bankruptcy or undistributed assets.
      6. Debt counselling.

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