The governing body of Insolvency and Bankruptcy Board of India (IBBI) is expected to finalise broad contours for dealing with personal guarantors of defaulting entities at a meeting on Dec 19. Dr Vijayawargiya said, under the court, there is a provision for personal guarantors so naturally when we have corporatisation process it is incomplete without giving right to personal guarantors to corporates.

Dr Mukulita Vijayawargiya said, personal guarantors are individuals because there are personal guarantors to corporates and they should initiate the proceedings regarding that the meeting is scheduled.

She said that Insolvency & Bankruptcy Code has started to show results. The New Public Management System is responsible for the rise of Singapore, India needs something similar to this, said Whole Time Member, Insolvency and Bankruptcy Board of India.

"Till a law is enacted to govern public private partnerships (PPP), the industry must step in with professionalism", added Dr Mukulita Vijayawargiya.

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