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of <h1>IBBI Issues Guidance on Submission Requirements for Insolvency Professionals u/s 95 and Rule 7 of IRP PGCD Rules.</h1> The circular issued by the Insolvency and Bankruptcy Board of India (IBBI) clarifies the submission requirements for insolvency professionals in applications filed by creditors under Part IV of Form C of the IRP PGCD Rules. According to Section 95 of the Insolvency and Bankruptcy Code and Rule 7 of the IRP PGCD Rules, creditors can initiate the insolvency resolution process for personal guarantors to corporate debtors. When an application is filed through a resolution professional (RP), the RP must provide particulars and a declaration in Part IV of Form C. If a creditor recommends an RP, the proposed RP must also submit these details for the Adjudicating Authority's consideration.
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