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

PGIRP -5

After the approval of the repayment plan by the Adjudicating Authority, the RP shall supervise the implementation of the repayment plan. The RP may apply to the Adjudicating Authority for directions, if necessary, in relation to any particular matter arising under the repayment plan. The Adjudicating Authority may issue directions to the resolution professional on the basis of an application filed by the RP.

Section 117 of the Code provides that the RP shall within 14 days of the completion of the repayment plan, forward to the persons who are bound by the repayment plan and the Adjudicating Authority, the following documents, namely-

• a notice that the repayment plan has been fully implemented; and
• a copy of a report by the RP summarising all receipts and payments made in pursuance of the repayment plan and extent of the implementation of such plan as compared with the repayment plan approved by the meeting of the creditors.

The RP may apply to the Adjudicating Authority to extend the time mentioned as above for such further period not exceeding 7 days.

Section 118 of the Code provides for the pre-mature closure of the repayment plan. The said section provides that  a repayment plan shall be deemed to have come to an end prematurely if it has not been fully implemented in respect of all persons bound by it within the period as mentioned in the repayment plan. In this regard, the RP shall submit a report to the Adjudicating Authority which shall state-

• the receipts and payments made in pursuance of the repayment plan;
•  the reasons for premature end of the repayment plan; and
• the details of the creditors whose claims have not been fully satisfied.

Section 118 (3) of the Code provides that the Adjudicating Authority shall pass an order on the basis of the report submitted as above by the RP  that the repayment plan has not been completely implemented. The debtor or the creditor, whose claims under repayment plan have not been fully satisfied, shall be entitled to apply for a bankruptcy order under Chapter IV.  The Adjudicating Authority shall forward to the persons bound by the repayment plan, a copy of the-

• report submitted by the resolution professional to the Adjudicating Authority; and
• order passed by the Adjudicating Authority.

Section 119(1) of the Code provides that on the basis of the repayment plan, the resolution professional shall apply to the Adjudicating Authority for a discharge order in relation to the debts mentioned in the repayment plan and the Adjudicating Authority may pass such discharge order.

The RP shall submit this form to the Board on its website on or before the 10th day of the subsequent month, after passing of the order by the Adjudicating Authority under section 118(3) or 119(1). The following information are to be furnished in this form-

• Implementation of repayment plan-

• Application No.  - Auto filled;
• Name of the Personal Guarantor – Auto filled;
• Whether the RP supervised the implementation of repayment plan as provided under section 116(1)?
• Whether the repayment plan was implemented? Yes/No

If yes,

• Date of application by the RP to the Adjudicating Authority for discharge order
• Whether the Adjudicating Authority passed the Discharge order?  Yes/No
• If yes, date of passing such order

• Whether the repayment plan ended pre maturely?  Yes/No

• Date of submission of report to the Adjudicating Authority under section 118(2)
• Whether the Adjudicating Authority passed an order under section 118(3)?  Yes/No
• If yes, date of passing such order.

• The following applicable orders of NCLT are to be attached-

• Copy of Order passed by the Adjudicating Authority under section 116(3), if any
• Copy of Order of the Adjudicating Authority under section 118(3)
• Copy of Order of the Adjudicating Authority discharging the personal guarantor
• Copy of Compliance Form as submitted before the Adjudicating Authority

Declaration

PGIRP – 6

This form is to be filed RP every quarter, on or before the 10th day of the subsequent month, on every quarterly from the date of admission of insolvency resolution application till completion of implementation of repayment plan, during the course of resolution process. The following details are to be furnished-

1. Details of the Personal Guarantor

1. Name of the Personal Guarantor – Auto filled.

2. Status of the Process-

Status of the Process: Ongoing/Stayed/Withdrawn

If Stayed – Section A; If case is withdrawn – Section B; If Ongoing – Section C

Section A

Stay on IRP by any Court/Tribunal [Dropdown] – Yes/No

Nature of Stay – Dropdown (Stay on admission/ stay on process/ stay on approved Repayment plan/Others, please specify)

• Name of Court/Tribunal (dropdown)
• Order date
• Order copy (attach)
• Remarks
• Category of Applicant  on whose application stay is granted – Dropdown (Promotors/Financial Creditors/Government Departments/Employees/others)
• Details of appeal, if any

PART B

In case stay was reported in last month-

• Whether stay vacated during the month? –If yes, attach copy of order
• Date of order of Court/Tribunal
• Brief of order

If withdrawn – Section B

Date of application for withdrawal

Application filed by Whom -  PG/RP/Creditors/Others

Date of order of withdrawal

Reason for withdrawal

If ongoing -Section C

1. Status of the Ongoing Process – Dropdown (Repayment Plan not submitted by the Personal Guarantor / Repayment plan proposed by the Personal Guarantor: Date of proposal / Repayment plan approved by the creditors / Repayment plan approved by the Adjudicating Authority, but implementation not started /Repayment plan implementation under process / Repayment plan has ended prematurely /Repayment plan implemented / Any other; remarks
2. If delayed, state reason thereof –Dropdown (Admission order received late/Stay by any Authority or Court/ Settlement between the parties under consideration/ RP Replaced/Claims not received/ RP not able to take custody of assets from PG/ RP not getting Information, records, cooperation from Personal Guarantor/ Assets, records seized, detained by government authorities/ Voting yet to be concluded/ Creditors took considerable time for approval/Others, please specify)
3. Latest Activity Completed – Dropdown (- Public notice – List of Creditors Prepared – Repayment Plan submitted by Personal Guarantor - Repayment Plan submitted to Creditors – Repayment Plan approved by Creditors - Repayment Plan submitted to Adjudicating Authority- Repayment plan approved by Adjudicating Authority – Application for discharge of Personal Guarantor filed - ( date of each activity to be captured and alongside box to be provided for remarks.

C. Document Upload (whichever applicable)

Copy of Stay Order of the Court / Tribunal, if any

Declaration