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Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019
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....ebtors. 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) "electronic means" means an authorized and secured computer programme which is capable of producing confirmation of sending communication to the participant entitled to receive such communication at the last electronic mail address provided by such participant and keeping record of such communication; (e) "form" means a form appended to these rules; (f) "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 p....
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....n, the creditors may nominate one amongst themselves to act on behalf of all the creditors. 8. Confirmation or nomination of insolvency professional.― (1) For the purposes of sub-section (2) of section 125 and sub-section (5) of section 145, 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 125, sub-section (3) of section 146 and sub-section (3) of section 147, the Board may share a panel of insolvency professionals, who may be appointed as bankruptcy trustee, with the Adjudicating Authority. 9. Public notice. ― (1) The Adjudicating Authority shall issue a public notice inviting claims from all creditors of the bankrupt, under clause (b) of sub-section (1) of section 130, in Form C. (2) The Adjudicating Authority may direct the bankruptcy trustee to issue the public notice referred to in sub-rule (1), instead of issuing such notices itself. 10. Notice to creditors.― (1) The Adjudicating Authority shall send notices to the creditors as per clause (a) of sub-section (1) of sectio....
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....41 shall be applicable for any financial or commercial transaction of one lakh rupees and above. 16. 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 accordance with ― (i) rules 20, 21, 22, 23, 24 and 26 of Part III of the National Company Law Tribunal Rules, 2016 made under section 469 of the Companies Act, 2013 (18 of 2013); or (ii) rule 3 of the Debt Recovery Tribunal (Procedure) Rules, 1993 made under section 36 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993) and regulations 3, 4, 5 and 11 of the Debt Recovery Tribunal Regulations, 2015 made under section 22 of the Recovery of Debts and Bankruptcy Act, 1993, as the case may be. (2) The application and accompanying documents shall be filed in electronic form, as and when such facility is made available and as directed by the Adjudicating Authority: Provided that till such facility is made available, the applicant may submit accompanying documents, and wherever they are bulky, in electronic form, in scanned, legible po....
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....egarding guarantee given by guarantor (in addition to information in serial number 1-13 of this part) Name of corporate debtor for which guarantee is given Any current or past position held in the corporate debtor Identification number of the corporate debtor Whether corporate debtor is an associate as per section 79(2) of the Code (state how) Any securities held in corporate debtor for whom guarantee is given 15. Where the guarantor is not a resident in India, the name and address of the person authorized to accept the service of process on guarantor's behalf, along with the authority Part - II [Please complete this Part if you have been self-employed, or a partner in a firm. If not, go to Part III.] BUSINESS PARTICULARS OF GUARANTOR 1. Name of business and form of business 2. Details of registration, if any 3. Description of business 4. Business address 5. Annual income of guarantor 6. If business organization is a firm, details mentioned below: (i) Date of 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 app....
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....s the insolvency professional if an order of appointment is passed by the Adjudicating Authority; (ii) state that the registration number allotted to me by the Board is [insert registration number] and that I am currently qualified to practice as an insolvency professional; (iii) disclose that I am currently serving as an insolvency professional / resolution professional / liquidator/ bankruptcy trustee in [insert number and details of the proceedings]; (iv) certify that there are no disciplinary proceedings pending against me with the Board or [name of the insolvency professional agency he is a member of]; (v) affirm that I am eligible to be appointed as an insolvency professional in respect of the debtor in accordance with Regulation 3 of the Insolvency and Bankruptcy Board of India (Bankruptcy 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) Yours sincerely, Sign....
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....ts for all assets. 8. Copy of the authorisation, wherever required under this form. 9. Proof that the application fee has been paid. 10. Documentary evidence of all information sought in each entry for each part of the form. 11. A statement of affairs of the guarantor made up to a date not earlier than two days from the date of the application including the following information and supporting documents, namely- (i) debtor's assets (inclusive of excluded assets) and liabilities for the previous three years; (ii) secured and unsecured debts (inclusive of excluded debts mentioned in serial number 14 of Part III of the form) with names of the creditors, and all requisite details for the previous three years; (iii) particulars of debt owed by guarantor to associates of the guarantor for the previous three years; (iv) guarantees given in relation to any of the debts of the guarantor, and if any of the guarantors is an associate of the guarantor; (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....
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.... Life insurance policy Jewelry Pension policy Investment in mutual funds Investment in other funds Investment in partnerships and other business concerns, Any other movable property 12. Number of directorships held in the last three years (along with name of company in which directorship is held and Director Identification Number) and CIN of such companies (to the extent known) 13. Marital status (single, married, divorced, widowed, co-habiting, separated, or specify any other) (to the extent known) 14. Details regarding guarantee given by guarantor (in addition to information in serial numbers 1-13 of this part)- Name of corporate debtor for which guarantee is given Any current or past position held in the corporate debtor (to the extent known) Identification number of the corporate debtor Whether corporate debtor is an associate (to the extent known) Any securities held in corporate debtor for whom guarantee is given 15. Where the guarantor is not a resident in India, the name and address of the person authorised to accept the service of process on guarantor's behalf, along with the authority Part-III PARTICULARS OF DEBT 1. Total debt....
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....tion 79(15)(e) of the code. Part-IV PARTICULARS OF & DECLARATION BY INSOLVENCY PROFESSIONAL (IF PROPOSED TO ACT AS BANKRUPTCY TRUSTEE) 1. Title and full name 2. Address Present Permanent Business 3. E-mail address(es) 4. Contact number Home Mobile Business 5. Declaration by insolvency professional I, [name of insolvency professional], an insolvency professional registered with [name of insolvency professional agency] having registration number [registration number] have been proposed as the insolvency professional by [name of applicant guarantor] in connection with the proposed bankruptcy process of [name of the guarantor]. I hereby: (i) agree to accept appointment as the insolvency professional if an order of appointment is passed by the Adjudicating Authority; (ii) state that the registration number allotted to me by the Board is [insert registration number] and that I am currently qualified to practice as an insolvency professional; (iii) disclose that I am currently serving as an insolvency professional / resolution professional / liquidator/ bankruptcy trustee in [insert number and details of the proceedings]; (iv) certify that there a....
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....C [See rule 9 (1)] Public Notice [Under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019] FOR THE ATTENTION OF THE CREDITORS OF [Full Name and title of Bankrupt (personal guarantor of (name of corporate debtor)] Notice is hereby given that the [Debt Recovery Tribunal/National Company Law Tribunal in case of bankrupt under section 60 of the Code] has ordered the commencement of a bankruptcy process against the [name of bankrupt] residing at [last known address of the bankrupt] on [bankruptcy commencement date]. The creditors of [name of the bankrupt], are hereby called upon to submit their claims with proof on or before [insert the date falling seven days from date of issue of public notice] to the bankruptcy trustee at [address]. The last date for submission of claims of creditors shall be [date]. The creditors may submit their claims through electronic means, or by hand or registered post or speed post or courier. Additional details of the bankruptcy trustee: [Name, last known address, e-mail address, phone number and the registration number of the bank....
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....ded assets. Please mention the assets which may be excluded assets. Immovable property Description Estimated value Excluded asset or not Movable property Description Estimated value Excluded asset or not Vehicles Shares in listed companies Shares in other companies Life insurance policy Jewellery Pension policy Investment in mutual funds Investment in other funds Investment in partnerships and other business concerns Any other property not covered above 5. The following information is required in relation to the guarantee given by the guarantor: i. Name of corporate debtor for which guarantee is given ii. Any current or past position held in the corporate debtor iii. Whether corporate debtor is an associate iv. Any securities held in corporate debtor for whom guarantee is given 6. Name and address of person resident in India authorised to accept the service of process on bankrupt's behalf (if applicable) Part II FINANCIAL INFORMATION 1. Statement of assets and liabilities for the previous three years 2. Secured and unsecured debts, with complete details of the creditors including name and postal address, the total amount due,....
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....ing value and date when it was given) 12. For secured creditors only Tick whichever is applicable - __security interest is being enforced __ Security interest is being relinquished. If security is being relinquished, please complete the statement of relinquishment of secuirty interest in the column on the right. I, [name of secured creditor], hereby release and relinquish my security interest and any claim, right, lien or interest in any property based on such security interest, other than the right to receive dividends as per the Code, in [insert description of the subject and nature of security interest], which was created by [name of bankrupt], on [insert date of creation of security interest] on account of [insert description of circumstances leading to creation of security interest]. Signature of the secured creditor, or the authorised signatory. If security is being realised, provide details of any action that has been taken to enforce / realise the security. If security is being realised, specify balance amount of debt which is being claimed. 13. List of documents attached to this proof of claim in order to prove the existence and non-payment of claim d....