FILING OF FORMS IN PERSONAL GUARANTORS TO CORPORATE DEBTOR CASES

The Board issued a circular vide No. IBBI/II/92/2026, dated 06.03.2026 in exercise of its power under Section 196(1)(aa) of the Insolvency and Bankruptcy Code, 2016 (‘Code’ for short).  The said circular requires the Resolution Professional appointed by the National Company Law Tribunal (‘NCLT’ for short) for the conduct of Insolvency Resolution Process of the personal guarantor to corporate debtors under section 94 and 95 of the Code. 

The following are the stages in which the insolvency corporate resolution process of personal guarantors-

• The Financial Creditor may file application for insolvency resolution process under Section 95 or by the Personal Guarantor himself file an application under Section 94 of the Code.
• On the date of filing the application in interim moratorium will commence.  (Now it has been amended.  There will be no interim moratorium.  Moratorium will start only after the admission of the application).
• The NCLT will appoint an insolvency resolution professional, if the applicant has not appointed insolvency professional. 
• The Interim Resolution Professional, within 21 days of the date of admission, shall file his report to the NCLT with his recommendations for admission/rejection of the application.
• The NCLT will on receipt of the report, either reject/admit the application.
• The Interim Resolution Professional will be appointed as Resolution Professional.
• A formal moratorium comes into force.
• The Resolution Professional shall cause public announcement inviting claims from the creditors of the personal guarantor.
• The claims received till the last date will be verified by the Resolution Professional and he will prepare the list of creditors.
• The list of creditors will be sent to the financial creditors and personal guarantor.
• The personal guarantor shall prepare a repayment plan in consultation with the Resolution Professional.
• The repayment plan will be placed before the Creditor’s meeting and for voting and for approval by the Creditors.
• The Resolution Professional, then will file an application along with the repayment plan for the approval of the NCLT.
• The NCLT will approve the repayment plan and give directions as to the implementation of the repayment plan.
• Then the Resolution Professional will be discharged from the process.

Before the issue of the circular dated 06.03.2026, the periodic information regarding the insolvency resolution process was submitted through emails.

Filing of forms

Regulation 23 (with effect from 20.11.2025) 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.  he resolution professional shall ensure that the Forms and its enclosures filed under this regulation are accurate and complete.  The filing of a Form under this regulation after the due date of submission, whether by correction, updating or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after the date notified by the Board.

The resolution 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 –

• failure to file a Form along with requisite information and records;
• inaccurate or incomplete information or records filed in or along with a Form; or
• delay in filing the Form.

The IBBI made available of the forms required to be filed in the process.  The Resolution Professional shall file the following forms at the time prescribed thereon-

• Form No. PGIRP 1 - 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 Resolution Professional, etc.

This form is to be fled 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.

• Form No. PGIRP – 2A - From report under Section 99 to order under Section 100.  This form will give details of rejection of order under Section 100, etc.  If the application is admitted then this form is not required to be filed.

This form is to be filed on or before the 10^th day of the subsequent month, after order of rejection of application under section 100.

• Form No. PGIRP – 2B - From the Admission order by Adjudicating Authority till public announcement.  This form will include the details of admission order under section 100 and public notice, etc.

This form is to be filed on or before the 10^th day of the subsequent month, after a public notice is issued under section 102.

• Form No. PGIRP 3 - From public announcement till submission of report on the repayment plan.  This form will include the details of creditors, claims, details of application under section 106 or 112 (Report of meeting of the creditors on repayment plan)  as the case may be; or filing of application under Regulation 17B, etc.

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

• Form No. PGIRP – 4 - From the report on repayment plan till the order of Adjudicating Authority on repayment plan.  This form will include the details of the order of Adjudicating Authority on repayment plan, repayment plan, details of distribution to claimants, etc.

This form is to be filed on or before 10^th day of the subsequent month, after the order of the Adjudicating Authority on repayment plan under section 114; or order on application under Regulation 17B.

• Form PGIRP 5 - From the order of approval of repayment plan till discharge of the personal guarantor.  This form will include the details of implementation of repayment plan, discharge of the personal guarantor, etc.  

This form is to be filed on or before 10^th of the subsequent month, after passing of the order by the Adjudicating Authority under section 118(3) (Repayment plan coming to end prematurely or 119(1)(Discharge order).

• Form PGIRP – 6 – Quarterly form. This form will include status of the Process, reasons for delay, last activity completed etc.

This form is to be filed on or before the 10^th day 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 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 Insolvency Professional.

Modification utility is also available for these forms. The Insolvency Professional may use the modification utility on the portal to make the necessary modification, authenticated through the OTP-based process. In order to facilitate Insolvency Professionals 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.

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-

• failure to file a Form along with relevant information and records,
• inaccurate and incomplete information and/or records filed in or along with a Form.