FORMS TO BE FILED DURING THE INSOLVENCY RESOLUTION PROCESS FOR PERSONAL GUARANTORS TO CORPORATE DEBTOR

The Insolvency and Bankruptcy Code, 2016 (‘Code’ for short) provides for the insolvency resolution process against the corporate debtor. The insolvency resolution process may be initiated under Section 94 by the personal guarantor himself and by the financial creditor under section 95 of the Code. The Adjudicating Authority shall appoint Resolution Professional who is required to submit a report to the Adjudicating Authority recommending to admit/reject the application. If the application is admitted the Resolution Professional cause a public notice giving 14 days’ time to receive the claims from the creditors of the personal guarantor. The Resolution Professional shall collate the claims and if require conduct the meeting of creditors. The Personal Guarantor is to submit repayment plan to the Resolution Professional who in turn verify the same and file a petition before the Adjudicating Authority along with his report as to the compliance of the provisions of repayment plan. The Adjudicating Authority approve the repayment plan if it is found correct in all aspects. The Resolution Professional is responsible to implement the repayment plan. Once the repayment plan is successfully carried out the case will be closed by the Adjudicating Authority.

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 Code, 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.

The Insolvency and Bankruptcy Board of India (‘Board’ for short), vide Circular No. IBBI/II/92/2026, dated 06.03.2026 in exercise of the powers under Section 196(1) of the Code. The following forms are required to be filed with the Board by the Resolution Professional-

• PGIRP- 1;
• PGIRP- 2A;
• PGIRP – 2B;
• PGIRP – 3;
• PGIRP – 4;
• PGIRP – 5;
• PGIRP – 6.

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 this circular, as per the timelines stipulated against each Form.

PGIRP- 1 – In this form the details of the proceedings from the date of admission of the application for initiation of insolvency resolution process under Section 94 or 95 of the Code, to the filing of report by the Resolution Professional before the Adjudicating Authority with his recommendations for admission/rejection. This includes Amount of debt for which guarantee has been executed, details of the report by Resolution Professional, etc.

This form is to be filed by the Resolution Professional on or before the 10th day of the subsequent month, after the submission of report by the Resolution Professional to the Adjudicating Authority under section 99.

PGIRP- 2A – In this form the details of proceedings from the date of filing the report by the Resolution Professional till the date of rejection of the application by the Adjudicating Authority. The details of the order under Section 100 of the Code are to be furnished in this Form.

This form is to be filed by the Resolution Professional or before the 10^th day of the subsequent month, after order of rejection by the Adjudicating Authority under Section 100 of the Code.

PGIRP – 2B   - In this form the details of the events taken place from the date of admission of the application filed under Section 94 or 95 by the Adjudicating Authority till the public announcement. The details of admission order and public notice are to be furnished in this form.

This form is to be filed by the Resolution Professional on or before the 10^th of the subsequent month, after the issue of public announcement under Section 102 of the Code.

PGIRP – 3– In this the details of the proceedings after the public announcement till the submission of the report on repayment plan. This form shall include the details of creditors, claims, details of application under section 106 or 112 as the case may be or filing of application under Regulation 17B, etc.

This form is to be filed by the Resolution Professional on or before the 10^th of the subsequent month after the submission of report by the Resolution Professional under section under section 106 or 112 as the case may be or filing of application under Regulation 17B.

PGIRP – 4 – In this Form the details of the events taken place from the submission of the report by the Resolution Professional before the Adjudicating Authority to till the order passed by the Adjudicating Authority. This form shall include the details of the order of Adjudicating Authority on repayment plan, repayment plan, details of distribution to claimants, etc.

PGIRP – 5 – In this form the details of the events taken place from the date of the approval of the repayment plan by the Adjudicating Authority till the discharge of the Personal Guarantor. This form includes the details of implementation of repayment plan, discharge of the personal guarantor, etc. 

This form is to be filed by the Resolution Professional on or before the 10^th of the subsequent month after the passing of the order by the AA under section 118(3) or 119(1).

PGIPR – 6 – It is a quarterly statement to be filed by the Resolution Professional which includes this includes status of the Process, reasons for delay, last activity completed etc.

This form is to be submitted by the Resolution Professional on or before the 10^th of the subsequent month after end of each quarter till closure of the process.

The Insolvency Professional handling the personal guarantor assignment shall access the platform with a unique username and password provided by the Board 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 Insolvency Professional.

The 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.

Obligations of Insolvency Professional

The Board directed that an Insolvency Professional shall file the applicable Forms through the electronic platform-

• Within the prescribed timeline, for all cases where an order under section 97 or section 100 is passed by the Adjudicating Authority on or after the date of issuance of this circular.
• On or before 31.03.2026 in cases where the report under section 99 has been submitted but an order under section 100 has not yet been passed by the Adjudicating Authority, as on the date of this circular.
• 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 Adjudicating Authority, as on the date of this circular i.e., 06.03.2026.
• On or before 30.06.2026, in cases where the process has concluded prior to the date of this circular, including:

1. rejection of application under section 100;
2. rejection of repayment plan under section 114;
3. premature termination under section 118(3);
4. discharge under section 119(1); or
5. withdrawal of application.

The circular clarified that an Insolvency Professional 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.