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

PGIRP – 3

The Resolution Professional shall verify the claims received from the creditors of the Personal Guarantor and prepare the list of Creditors. The said list will be sent to all the creditors, personal guarantors and the corporate debtor. The Resolution Professional also constitute the Committee of Creditors and decide the voting powers of the creditors. The list of creditors shall be prepared within 30 days of the issue of the public notice.

The Personal Guarantor shall prepare, in consultation with the resolution professional, a repayment plan containing a proposal to the creditors for restructuring of his debts or affairs. The repayment plan may authorise or require the resolution professional to –

• carry on the debtor's business or trade on his behalf or in his name; or
• realise the assets of the debtor; or
• administer or dispose of any funds of the debtor.

The repayment plan shall include the following-

• justification for preparation of such repayment plan and reasons on the basis of which the creditors may agree upon the plan;
• provision for payment of fee to the resolution professional;
• such other matters as may be specified.

The resolution professional shall submit the repayment plan along with his report on such plan to the Adjudicating Authority within a period of 21 days from the last date of submission of claims.  If no repayment plan is submitted within the period stipulated the resolution professional shall submit a report to the Adjudicating Authority, and the Adjudicating Authority shall pass an order terminating the insolvency resolution process of the debtor and the debtor or the creditors shall be entitled to file an application for bankruptcy under Chapter IV of the Code.

The report of the RP shall include that-

• the repayment plan is in compliance with the provisions of any law for the time being in force;
• the repayment plan has a reasonable prospect of being approved and implemented; and
• there is a necessity of summoning a meeting of the creditors, if required, to consider the repayment plan.

If the resolution professional recommends that a meeting of the creditors is not required to be summoned, reasons for the same shall be provided. The report shall also specify the date on which, and the time and place at which, the meeting should be held if he is of the opinion that a meeting of the creditors should be summoned.  The resolution professional shall summon the meeting of the creditors by issuing a notice in writing, not less than 14 days, specifying therein the date, time and place of such meeting. The resolution professional shall consider the convenience of creditors in fixing the date and venue of the meeting of the creditors.

The RP shall conduct the creditor’s meeting as specified in the notice.  In the meeting of the creditors, the creditors may decide to approve, modify or reject the repayment plan. The resolution professional shall ensure that if modifications are suggested by the creditors, consent of the debtor shall be obtained for each modification.

The repayment plan or any modification to the repayment plan shall be approved by a majority of more than three-fourth in value of the creditors present in person or by proxy and voting on the resolution in a meeting of the creditors. Approval of repayment plan by creditors.

The resolution professional shall provide a copy of the report of the meeting of creditors prepared under section 99 to-

(a) the debtor;

(b) the creditors, including those who were not present at the meeting; and

(c) the Adjudicating Authority. Notice of decisions taken at meeting of creditors.

The Adjudicating Authority shall by an order approve or reject the repayment plan on the basis of the report of the meeting of the creditors submitted by the resolution professional. Where a meeting of creditors is not summoned, the Adjudicating Authority shall pass an order on the basis of the report prepared by the resolution professional. The order of the Adjudicating Authority approving the repayment plan may also provide for directions for implementing the repayment plan. If the Adjudicating Authority is of the opinion that the repayment plan requires modification, it may direct the resolution professional to re-convene a meeting of the creditors for reconsidering the repayment plan. On completion of the approval of the repayment plan by the Committee of Creditors, the Resolution Professional is to file an application before the Adjudicating Authority for approval of the repayment plan.

This form is to be submitted to the Board by the Resolution Professional on or before the 10th day of the subsequent month, after submission of repayment plan to AA along with the report under section 106 or 112 as the case may be; or filing of application under Regulation 17B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019).

The RP is to select from drop down below-

• Submission of repayment plan to AA – Do not display Table B
• Where no repayment plan has been prepared by the debtor under section 105 of the Code and the resolution professional has filed an application before the Adjudicating Authority intimating the non-submission of a repayment plan to seek appropriate directions - Display only Table A & B.)

The following information are to be furnished in this form-

• List of Creditors-

• Whether the resolution professional has prepared the list as per timeline mentioned in section 104?    Yes/No.
• In case of NO, reason-
• Date of preparation of such list
• Date of filing of list of creditors with the Adjudicating Authority
• Total no. of creditors
• Total claim received
• Total claim admitted

• Details of application under Regulation 17B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

Date of application to the Adjudicating Authority

Date of approval of creditors for filing such application

% of creditors approved for filing such application

• Details of filing of the repayment plan to the Adjudicating Authority-

• Date of submission of repayment plan by the personal guarantor to the RP.
• Date of submission of repayment plan to the Adjudicating Authority by the RP under section 106
• Filing number.

Declaration.

PGIRP – 4

On the filing of the repayment plan by the Resolution Professional the Adjudicating Authority shall by an order approve or reject the repayment plan on the basis of the report of the meeting of the creditors submitted by the resolution professional. If a meeting of creditors is not summoned, the Adjudicating Authority shall pass an order on the basis of the report prepared by the resolution professional under section 106. The order of the Adjudicating Authority approving the repayment plan may also provide for directions for implementing the repayment plan. Where the Adjudicating Authority is of the opinion that the repayment plan requires modification, it may direct the resolution professional to re-convene a meeting of the creditors for reconsidering the repayment plan. Order of Adjudicating Authority on repayment plan.

Regulation 17B provides that where no repayment plan has been prepared by the debtor under section 105 of the Code, the resolution professional shall file an application, with the approval of creditors, before the Adjudicating Authority ²in accordance with sub-section (1A) of section 106.

This form is to be submitted to the Board by the Resolution Professional on or before the 10th day of the subsequent month, after the order of the AA on repayment plan under section 114 or on application filled under Regulation 17B of the Regulations.

The RP is to select from dropdown below-

• Where no repayment plan has been prepared by the debtor under section 105 of the Code and the resolution professional has filed an application before the Adjudicating Authority intimating the non-submission of a repayment plan to seek appropriate directions - Display table B to E.
• Submission of repayment plan to AA – Display only Table A.

The following information are to be furnished-

• Order of Adjudicating Authority on application filled under Regulation 17B-

• Date of order;
• Brief summary of directions in the order;
• Attach copy of the order.

• Order of Adjudicating Authority on repayment plan-

• Date of order of Adjudicating Authority on repayment plan
• The Adjudicating Authority passed the order based on-

• the report of the meeting of the creditors submitted under section 112; or

• the report prepared by RP under section 106.

• Whether the Adjudicating Authority approved / rejected / directed reconsideration of repayment plan by the creditors?

• Approved / rejected / directed reconsideration of repayment plan by the creditors

• Date of submission of repayment plan to the Adjudicating Authority after reconsideration by creditors
• Date of order of Adjudicating Authority on modified repayment plan
• Whether Adjudicating Authority approved / rejected the repayment plan?

Approved / rejected

•  In case of rejection of repayment plan, reasons:

Admitted claim and Proposed realisation under the approved Repayment Plan-

1. Total amount claimed

2. Total amount admitted

3. Realisable amount

4. Terms of payment to the creditors

5. Tenure of Repayment Plan

6. Resolution Process cost

Details of distribution of proceeds as per repayment plan-

Nature of Creditor             Admitted Claim   Amount under Plan

Resolution Process cost

Secured Creditors

Workmen’s Dues unpaid dues

owed to employees

Statutory Dues

All other debts and dues,

 including unsecured debts

Total

Document Upload

Order of the AA on repayment plan

Copy of List of creditors as submitted to Adjudicating Authority

Copy of Repayment plan proposed by the personal

guarantor and submitted to Adjudicating A, in case applicable

Declaration