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of <h1>Creditors must serve demand notice in Form B, apply for insolvency resolution with Form C per Insolvency Rules 2019.</h1> A creditor must serve a demand notice to a guarantor, requiring payment of the default amount in Form B, as per the Insolvency and Bankruptcy Rules, 2019. The application for initiating an insolvency resolution process for personal guarantors to corporate debtors must be submitted using Form C, accompanied by a fee of two thousand rupees. The creditor is required to promptly provide a copy of this application to both the guarantor and the corporate debtor. In instances of joint applications, creditors can appoint one among them to represent all creditors.
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