Insolvency rules for corporate guarantors, individual firms by December

A ballpark figure for the number of corporate guarantors would be around 500,000

The rules for individual insolvency under the Insolvency and Bankruptcy Code are likely to be notified by December.

"It will come in a phased manner. At this point, we are trying to cover corporate guarantors. That is our main issue. In the first phase, we are dealing with corporate guarantors and individuals having a business like proprietorship firms," Ranjita Dubey, deputy general manager, Insolvency & Bankruptcy Board of India (IBBI), said.

Dubey was speaking on the sidelines of a round table on draft insolvency regulations on individuals and firms organised by the IBBI, in association with ICSI Insolvency Professional Agency and Merchants' Chamber