Delhi HC Issues Notice on Challenge to Centre’s Notification Of IBC Part III Only as Regards Personal Guarantors to Corporate Debtors
The Delhi High Court issued notice on a plea challenging the November 15, 2019 gazette notification bringing into effect certain provisions of Part III of the IBC, i.e., Insolvency Resolution and Bankruptcy For Individuals and Partnership Firms from December 1, 2019. Part III of IBC pertains to matters relating to fresh start, insolvency and bankruptcy of individuals and partnership firms where the amount of default is not less than one thousand rupees. By way of the gazette notification, the part relating to fresh start has not been notified. The only part that has been notified relates to the Personal Guarantors to the Corporate Debtors and not the other provisions of Part III.