This article critically analyses the recent legislative amendments and the proposed regulatory changes, with a particular focus on their implications for the recovery of liabilities from personal guarantors of corporate debtors.

An important issue which needs further clarification is whether the clarification will have any retroactive effect in order to provide protection to the investors in cases where the proceedings are already initiated or under process in relation to prior years.

The four March 2026 reforms are all justified in their own right. The SPV amendment addresses a real compliance issue.