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‘Promoters, think before you sign that guarantee’
May 27, 2021
Bijoy Pulipra, Insolvency Professional and Company Secretary×
Assess first, future business and prospects
Entrepreneurs will be well advised to think twice before they sign the documentation for personal guarantee for their company and sign it only if they are fully convinced about the prospects and future of the business.
This is the most important takeaway from the Supreme Court’s clearing the ambiguity over partial notification of provisions in Part III of the Insolvency and Bankruptcy Code enabling creditors to invoke the personal guarantee of promoters of a corporate debtor, says Bijoy Pulipra, Insolvency Professional and Company Secretary.
IBC: Avoid intricacies, raise awareness to check liquidations
February 10, 2021
Brace for surge in filings once freeze lifts, says expert
The Centre must brace for a surge in fresh corporate bankruptcy filings after the ongoing pandemic-induced freeze lifts by the end of the financial year. The Insolvency and Bankruptcy Code (IBC) was suspended for six months from March last before being extended to December and subsequently for the full financial year.
Latest Insolvency and Bankruptcy Board of India (IBBI) statistics reveal that at least 73.8 per cent of the Corporate Insolvency Resolution Processes (CIRP) initiated till date has ended up in liquidation. This is attributed to avoidable legal complexities and a lack of matching stakeholder ecosystem and awareness.