Filing of Forms to monitor insolvency resolution processes for Personal Guarantors to Corporate Debtors under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder.

https://ibbi.gov.in//uploads/legalframwork/ea787956c30c57f52302ef56c10a13ea.pdf

During the insolvency resolution process for personal guarantors to corporate debtors, the resolution professional submits periodic information regarding the insolvency resolution process to the Board through emails, which is time-consuming and inefficient.

2. Regulation 23 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 provides that the resolution professional shall file the Forms, along with enclosures thereto, as notified by the Board through circular, as per the timelines stipulated against each Form.

3. To ease the compliance burden for Insolvency Professionals (IPs), a set of electronic forms has been developed by the Board to capture the details of the insolvency resolution process for personal guarantors. These forms are crucial for the process under the Insolvency and Bankruptcy Code (IBC), as they facilitate systematic and transparent record-keeping and seamless reporting. The key benefits of these forms include allowing resolution professionals to easily access and submit forms online, reducing delays and improving efficiency and minimizing the likelihood of errors and omissions, ensuring more accurate and reliable information.

4. An overview of these Forms is as per the Table below: Form No. PGIRP 1 Period Covered and Scope Timeline From Admission under Sec.94/95 till filing of report under section 99: This includes Amount of debt for which guarantee has been executed, details of the report by RP, etc. On or before the 10th day of the subsequent month, after PGIRP 2A From report under Section 99 to order under Section 100. Details of rejection of order under Section 100, etc the submission of report by the RP to the AA under section 99. On or before the 10th day of the subsequent month, after order of rejection of application under section 100. PGIRP 2B From the Admission order by AA till public announcement: Details of admission order under section 100 and public notice, etc. On or before the 10th day of the subsequent month, after a public notice is issued under section 102. PGIRP 3 From public announcement till submission of report on the repayment plan: Includes details of creditors, claims, details of application u/s 106 or 112 as the case may be; or filing of application under Regulation 17B, etc On or before the 10th day of the subsequent month, after the submission of report by the RP u/s 106 or 112 as the case may be; or filing of application under Regulation 17B. PGIRP 4 From the report on repayment plan till the order of AA on repayment plan: Details of the order of AA on repayment plan, repayment plan, details of distribution to claimants, etc On or before the 10th day of the subsequent month, after the order of the AA on repayment plan under section 114; or order on application under Regulation 17B. PGIRP 5 From the order of approval of repayment plan till discharge of the personal guarantor: Includes details of implementation of repayment plan, discharge of the personal guarantor, etc. On or before the 10th day of the subsequent month, after passing of the order by the AA under section 118(3) or 119(1). PGIRP 6 Quarterly: This includes status of the Process, reasons for delay, last activity completed etc. On or before the 10th day of the subsequent month after end of the each quarter till closure of the process.

5. An indicative template of new forms is placed as Annexure I for reference.

6. The set of forms developed by the Board on an electronic platform has been hosted on its website at https://www.ibbi.gov.in. The IP handling the personal guarantor assignment shall access the platform with a unique username and password provided by the IBBI and upload/submit the Forms, along with relevant information and records, after affixing DSC or e-signing. Further, timely filing of complete and accurate information along with records is the sole responsibility of the IP.

7.Modification utility is also available for these forms. The IP may use the modification utility on the portal to make the necessary modification, authenticated through the OTP-based process.

8. In order to facilitate IPs to familiarize themselves with these forms and resolve technical issue(s) that may arise, if any, penalties shall be levied for delayed submission or modification only after 30th June 2026.

9. It is directed that an IP shall file the applicable Forms through the electronic platform: (a) Within the prescribed timeline, for all cases where an order under section 97 or section 100 is passed by the AA on or after the date of issuance of this circular. (b) On or before 31st March 2026, in cases where the report under section 99 has been submitted but an order under section 100 has not yet been passed by the AA, as on the date of this circular. (c) On or before 30th June 2026, in cases where an order of admission under section 100 has been passed but an order under section 118(3) or 119(1) has not yet been passed by the AA, as on the date of this circular. (d) On or before 30th June 2026, in cases where the process has concluded prior to the date of this circular, including: (i) rejection of application under section 100; (ii) rejection of repayment plan under section 114; (iii) premature termination under section 118(3); (iv) discharge under section 119(1); or (v) withdrawal of application.

10. It is clarified that an IP shall be liable to any action which the Board may take as deemed fit under the Code or any regulation made thereunder, including refusal to issue or renew Authorisation for Assignment, for (a) failure to file a Form along with relevant information and records, (b) inaccurate and incomplete information and/or records filed in or along with a Form.

11. In case of any clarification, may refer to the Frequently Asked Questions (FAQs) as available on www.ibbi.gov.in. Further, any technical issues or difficulties in filing may be reported to support.form@ibbi.gov.in