New Delhi, April 3 -- The Insolvency and Bankruptcy Board of India (IBBI) has issued draft regulations requiring company promoters who have guaranteed corporate loans to disclose their personal wealth during bankruptcy proceedings.

Under the proposal, whether these promoters file for bankruptcy voluntarily or are forced into it by their banks, they must now report their ownership of crypto assets, retirement funds, any assets held abroad, as well as all beneficial ownership of assets not in their name.

The proposal comes from an expert panel of IBBI officials tasked with drafting new regulations under the Insolvency and Bankruptcy Code (IBC), as amended in the recently concluded Parliament session. The amendment bill is awaiting Preside...