TaxTMI 
TaxTMI 
Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019
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....porate debtors. 3. Definitions. ― (1) In these rules, unless the context otherwise requires, - (a) "Adjudicating Authority" means- (i) for the purpose of section 60, the National Company Law Tribunal constituted under section 408 of the Companies Act, 2013 (18 of 2013); or (ii) in cases other than sub-clause (i), the Debt Recovery Tribunal established under sub-section (1A) of section 3 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993); (b) "Code" means the Insolvency and Bankruptcy Code, 2016 (31 of 2016); (c) "electronic form" shall have the meaning assigned to it in clause (r) of section 2 of the Information Technology Act, 2000 (21 of 2000); (d) "form" means a form appended to these rules; (e) "guarantor" means a debtor who is a personal guarantor to a corporate debtor and in respect of whom guarantee has been invoked by the creditor and remains unpaid in full or part; (f) "section" means section of the Code; (g) "serve" means sending any communication by any means, including registered post, speed post, courier or electronic form, which is capable of producing or generating an acknowledgement of receipt of such commu....
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....n behalf of all the creditors. 8. Confirmation or nomination of insolvency professional.― (1) For the purposes of sub-section (2) of section 97 and sub-section (5) of section 98, the Board may share the database of the insolvency professionals, including information about disciplinary proceedings against them, with the Adjudicating Authority from time to time. (2) For the purposes of sub-section (4) of section 97 and sub-section (3) of section 98, the Board may share a panel of insolvency professionals, who may be appointed as resolution professionals, with the Adjudicating Authority. 9. Copy of application.― The applicant shall provide a copy of the application filed under sub-section (1) of section 94 or sub-section (1) of section 95, as the case may be, if not provided earlier, to the resolution professional within three days of his appointment under sub-section (5) of section 97, and to the Board for its record. 10. Filing of application and documents.― (1) Till such time, rules of procedure for conduct of proceedings under the Code are notified, the applications under rules 6 and 7 shall be filed and dealt with by the Adjudicating Authority in acc....
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....been known 4. Address: (i) Present (ii) Permanent (iii) Business 5. Occupation/ Business/ Profession 6. Annual income in the preceding financial year (in Rs.) 7. List of associates of the guarantor, including relatives, who are its creditors Name Age Address 8. Bank account details (Joint and Several) Account number IFSC code Name of Bank and Branch address 9. Identification number Aadhaar number Passport number PAN GSTIN 10. Contact No.(s) Home Mobile Business 11. List of assets of guarantor and immediate family as on the application date. Note: This will include all assets of guarantor, irrespective of them being excluded assets. Please mention which assets may be excluded assets. Immovable Description Estimated value Excluded asset or not Movable Description Estimate....
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....joining firm (ii) Capital subscription as per latest balance sheet (iii) Profit sharing as per latest balance sheet (iv) Name, address and authority of person submitting application on behalf of the firm Part - III PARTICULARS OF DEBT [CREDITOR WISE, AS APPLICABLE] 1. Name(s) of creditor(s) 2. Address Present Permanent Business 3. Total debt (including any interest or penalties) 4. Amount of debt in default 5. Interest or penalties, if any 6. Date when the debt was due 7. Date when the default occurred 8. Nature of the debt 9. Name, address and other particulars of corporate debtor 10. Secured debt including particulars of security held, the date of its creation, estimated value of security as per the creditor and details of security 11. Unsecured debt 12. De....
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....ofessional agency he is a member of]; (v) affirm that I am eligible to be appointed as a resolution professional in respect of the guarantor in accordance with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019; (vi) make the following disclosures in accordance with the code of conduct for insolvency professionals as set out in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [insert disclosures, if any]. (Signature of the insolvency professional) (Name in block letters) [Name of the guarantor] has paid the requisite fee for this application through [state means of payment] on [date]. Yours sincerely, DECLARATION Signature of guarantor / person authorised to act on behalf of the guarantor [Please enclose the authorisation document if this application is being submitted on behalf of the guarantor] Name in block letters Address of person signing I, [Name of applicant], currently residing at [insert address], hereby declare and state as follows:-- 1. In respect of this application for i....
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....n to any of the debts of the corporate debtor, and if any of the guarantors is an associate of the corporate debtor; (v) financial statements with all annexures and schedules for the business owned by the guarantor, or of the firm in which the guarantor is a partner, as the case may be, for the previous three years, if applicable; (vi) wealth tax statements, if any, filed by the guarantor, for the previous five years; (vii) income statement of the guarantor, for the previous three years; (viii) payment of indirect taxes including GST for the previous three years. FORM B [See rule 7(1)] FORM OF DEMAND NOTICE [Under rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019] [Date] To [Name and address of the guarantor] From [Name and address of the creditor] Subject: Demand notice in respect of unpaid debt in default due from [corporate debtor] under the Code. Madam/Sir, • This letter is a demand notice of unpaid debt in default due from [name of corporate debto....
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....ued by the guarantor; or (c) an attested copy of any record that [name of the creditor] has received the payment. 4. The undersigned request you to unconditionally pay the unpaid debt in default in full within fourteen days from the receipt of this letter failing which insolvency resolution process, under the Code, shall be initiated against you Yours sincerely, Signature of creditor/person authorised to act on behalf of the creditor [Please enclose the authorisation document if this notice is being issued on behalf of the creditor] Name in block letters Address of person signing Instructions 1. Please serve a copy of this notice on the guarantor, fourteen days in advance of filing an application under section 95 of the Code. 2. Please attach a copy of such served notice with the application made by the creditor to the Adjudicating Authority. FORM C [See rule 7(2)] APPLICATION BY CREDITOR TO INITIATE INSOLVENCY RESOLUTION PROCESS [Under rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Co....
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.... Passport number PAN GSTIN 10. Contact number(s) Home Mobile Business 11. List of assets of guarantor as on the application date (to the extent known) Note: this will include all assets of guarantor, irrespective of them being excluded assets. Immovable Description Estimated value Excluded asset or not Movable Description Estimated value Excluded asset or not Vehicles Shares in listed companies Shares in other companies Life insurance policy Jewellery Pension policy Investment in&....
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....1. Record of default with the information utility, if any (attach a copy) 12. Details of succession certificate, or probate of a will, or letter of administration, or court decree (as may be applicable), under the Indian Succession Act, 1925 (10 of 1925) (attach a copy) 13. Provision of law, contract or other document under which debt has become due (attach a copy) 14. A statement of bank account where deposits are made or credits received normally by the creditor in respect of the debt of the corporate debtor, from the date on which the debt was incurred (attach a copy) 15. List of documents attached to this application in order to prove the existence of debt and the amount in default 16. Statement by creditor in respect of excluded debts I [creditor] hereby state that the debt(s) for which the insolvency resolution process application is filed does not include any- (i) liability to pay fine imposed by a court or tribunal; (ii) liability to pay damages....
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....that I am eligible to be appointed as a resolution professional in respect of the guarantor in accordance with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019; (vi) make the following disclosures in accordance with the code of conduct for insolvency professionals as set out in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [insert disclosures, if any]. (Signature of the insolvency professional) [Name of the creditor] has paid the requisite fee for this application through [state means of payment] on [date]. Yours sincerely, Signature of creditor/ person authorised to act on behalf of the creditor [Please enclose the authorisation document if this application is being submitted on behalf of the creditor] Name in block letters Address of person signing List of documents to be attached to the application: 1. All documents mentioned in serial number. 15 of Part III of this form. 2. Copy of the demand notice served on the guarantor in Form B. 3. Copy of the income tax returns with detailed computation of the i....