Bankruptcy petition by guarantor requires comprehensive disclosure and nomination of an insolvency professional to initiate the prescribed bankruptcy process. Form A is the prescribed application by a personal guarantor to initiate the bankruptcy process and requires full identification, asset inventories with excluded assets identified, creditor-wise particulars of secured and unsecured debts including dates and amounts in default, and affirmation regarding excluded categories of debt. The application permits nomination of an insolvency professional who must declare eligibility and submit disclosures. Mandatory attachments include prior insolvency records, guarantee contracts, tax returns, bankers' books, statement of affairs and supporting financial and title documents.
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Provisions expressly mentioned in the judgment/order text.
Bankruptcy petition by guarantor requires comprehensive disclosure and nomination of an insolvency professional to initiate the prescribed bankruptcy process.
Form A is the prescribed application by a personal guarantor to initiate the bankruptcy process and requires full identification, asset inventories with excluded assets identified, creditor-wise particulars of secured and unsecured debts including dates and amounts in default, and affirmation regarding excluded categories of debt. The application permits nomination of an insolvency professional who must declare eligibility and submit disclosures. Mandatory attachments include prior insolvency records, guarantee contracts, tax returns, bankers' books, statement of affairs and supporting financial and title documents.
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