The insolvency regulator is looking to tighten rules aimed at preventing related parties of personal guarantors from influencing loan repayment plans. In a discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) suggested a more foolproof definition of related parties of personal guarantors and explicitly depriving them of any voting rights. It also proposed independent valuation of the guarantor’s assets and closer scrutiny of transactions that could undermine the funds available to lenders. The move is expected to make it even more difficult for creditors to act in concert and influence how the guarantor’s debts are settled.