FILING OF FORMS UNDER INSOLVENCY RESOLUTION PROCESS OF PERSONAL GUARANTORS TO CORPORATE DEBTOR – PART I

Chapter III of Part III of the Insolvency and Bankruptcy Code, 2016 (‘Code’ for short) provides for the insolvency resolution process from sections 94 to 120. The insolvency resolution process last long for 180 days from the date of admission of the application by the Adjudicating Authority. From the date of admission to the ending of the insolvency resolution process, the Resolution Professional (‘RP’ for short) has to file the following forms on the Insolvency and Bankruptcy Board of India (‘IBBI’ for short) portal-

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

In the earlier periods there are no forms for RP to file on the website of IBBI. In lieu of filing forms, the RPs submitted periodic information regarding the insolvency resolution process to the Board through emails. Since the said process is considered as time consuming and inefficient the IBBI framed the above said forms to be filed periodically so that the IBBI can monitor the functions of the RP throughout the process, vide their circular dated 06.03.2026.

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.

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. The Board granted time to submit all these forms on or before 30.06.2026. If the forms are submitted after 30.06.2026, the 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.

The said last dated 30.06.2026 was extended to 30.09.2026 and further up to 31.12.2026.

PGIRP – 1           

The Financial Creditor or a personal guarantor may initiate insolvency resolution process against the personal guarantor under Section 95 or section of the Code respectively. The Adjudicating Authority, if it is satisfied that the application is complete in Pdirection that the interim resolution professional shall file his/her report giving his recommendations as to the admission of the application for initiation or insolvency resolution process or rejection of the application to the Adjudicating Authority within 10 days from the date of his appointment under Section 99 of the Code.

The Interim Resolution Professional shall collect the information/documents from the personal guarantor and the financial creditor, analyse the same give his report with his recommendations as to the admission/rejection of the application by the Adjudicating Authority.

This form is to be filed by the Interim Resolution Professional on or before the 10^th day of the subsequent month, after submission of Report under section 99. Suppose the interim resolution professional submitted his report on 05.09.2026, the PGIRP form is to be filed on or before the 10.10.2026.

The following details are to be furnished in this form-

• Details of debt and guarantee-

• Date of issuance/ execution of guarantee;
• Amount of debt for which guarantee has been executed

• Report of the RP under section 99-

• Date of filing of the report by the RP;
• Whether the report is filed within 10 days of the appointment of the RP? – Yes/No.

1. If No, reason thereof

• Whether the RP has recommended for admission /rejection of the application?

Admission/Rejection

• Document Upload-

• Copy of the report of the RP submitted under section 99.

• Declaration.

PGIRP – 2A

On receipt of the report from the Interim Resolution Professional, the Adjudicating Authority shall, within 14 days from the date of submission of the report under section 99 pass an order either admitting or rejecting the application referred to in section 94 or 95, as the case may be. If the application referred to in section 94 or 95, as the case may be, is rejected by the Adjudicating Authority on the basis of report submitted by the resolution professional that the application was made with the intention to defraud his creditors or the resolution professional, the order shall record that the creditor is entitled to file for a bankruptcy order under Chapter IV.

Form PGIRP – 2A is to be filed by the Resolution Professional on the IBBI portal on or before 10^th of the subsequent month after the order of rejection was passed by the Adjudicating Authority.

The following details are to be furnished by the RP-

Details of application

• Date of order of rejection by the Adjudicating Authority under Section 100 of the Code;
• Name of the NCLT Bench – it will be auto populated.
• Reasons for rejection.

Copy of the order of the Adjudicating Authority under Section 100.

Declaration.

PGIRP – 2B

The Adjudicating Authority may admit the application filed by the Financial Creditor or Personal Guarantor on the report of the Interim Resolution Professional under Section 100. The Adjudicating Authority may direct the Resolution Professional to issue a public notice within 7 days of passing the order under section 100 inviting claims from all creditors within twenty-one days of such issue. The said public notice shall include the details of the order of the Adjudicating Authority admitting the application, the particulars of the Resolution Professional to whom the claim is to be made and the last date of submission of claims. This form is to be filed by the RP on or before the 10^th day of the subsequent month after publication of public notice. Suppose the public notice is published on 29.09.2026, this form is to be filed on or before 10.10.2026.

The following details are to be furnished in this form-

• Admission of application-

• Date of order of admission of application by the Adjudicating Authority under section 100 – auto populated;
• NCLT bench – auto populated;
• Amount of underlying default for which application has been admitted / rejected.

• Public Notices-

• Name of the Personal Guarantor – auto populated;
• Date of issue of public notice;
• Last Date for submission of claims

• Copy of the Public notice to be uploaded.