TaxTMI 
TaxTMI 
Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019
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....nal guarantors to corporate 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) "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 ....
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....or whom the guarantor is a personal guarantor. (3) In case of a joint application, 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....
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....intment. 15. Restriction on bankrupt.―The restriction on the bankrupt under clause (d) of sub-section (1) of section 141 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....
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....cles 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 movable property 12. Number of directorships held in the last three years (along with name of company in which directorship is held and Directors Identification Number) and CIN of such companies 13. Marital status (single, married, divorced, widowed, co-habiting, separated, or specify any other) 14. Details regarding 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 ....
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....ebt 11. Details of retention of title arrangements (if any) in respect of goods to which the debt refers 12. Record of default with the information utility, if any 13. List of documents attached to this application in order to prove the existence of debt and the amount in default 14. Statement by guarantor in respect of excluded debts I [ guarantor] hereby state that the debt(s) for which the bankruptcy process application is filed does not include any- (i) liability to pay fine imposed by a court or tribunal; (ii) liability to pay damages for negligence, nuisance or breach of a statutory, contractual or other legal obligation; (iii) liability to pay maintenance to any person under any law for the time being in force; (iv) liability in relation to a student loan; (v) any other debt prescribed under section 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. A....
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.... list the documents relied on]. 2. The contents of the said application along with the said documents are true, valid and genuine to the best of my knowledge, information and belief and no material facts have been concealed there from. Date: Place: (Signature of the applicant) . VERIFICATION I, [name of applicant], do hereby verify that the contents of this application are true and correct to my knowledge and belief. Nothing is false and nothing material has been concealed therefrom. Verified at ______ on this ______ day of ______ 20__ _______ Applicant's signature. ATTACHMENTS: List of documents to be appended to the application: 1. All records of the insolvency resolution process in respect of the guarantor, including the following- (i) Application for the insolvency resolution rocess; (ii) Order(s) of the Adjudicating Authority- (a) accepting / rejecting the application under serial number (i) above under section 100 of the Code, as the case may be; (b) approving / rejecting the repayment plan under section 114 of the Code, as the case may be; ....
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....[See rule 7(1)] APPLICATION BY CREDITOR TO INITIATE BANKRUPTCY PROCESS [Under rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019] [Date]............. To, The Adjudicating Authority [Address] From, [Name and address of the creditor] In the matter of [name of the guarantor] Subject: Application to initiate bankruptcy process in respect of [name of the guarantor] under the Insolvency and Bankruptcy Code, 2016. Madam/Sir, [Name of the creditor], hereby submits this application to initiate a bankruptcy process in the case of [name of guarantor]. The details for the purpose of this application are set out below: Part - I PARTICULARS OF APPLICANT 1. Title and full name 2. Date of birth and e-mail address 3. Contact number(s) Home Mobile Business 4. Identification number of creditor Aadhaar number CIN PAN GSTIN 5. Address Present Permanent Business  ....
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.... (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 (including any interest or penalties) 2. Amount in default 3. Date on which debt was due 4. Date on which default occurred 5. Nature of the debt 6. Secured debt includi....
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....bt prescribed under section 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 th....
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....ided by the guarantor at any point in time, if available. 8. Documents evidencing the assets, liabilities, income and any other relevant information as may have been provided by the guarantor at any point in time, if available. 9. Documentary evidence of all information sought in each entry for each part of the form. Form 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 trust....
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.... RELEVANT PARTICULARS 1. Full name of bankrupt 2. Address Present Permanent Business 3. Bank account details (Joint and Several) Account Number IFSC Code Name of Bank and Bank Branch 4. List of assets of bankrupt and immediate family as on the application date for the previous three years. Note: this will include all assets of bankrupt, irrespective of them being excluded 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 ....
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....ocess for Personal Guarantors to Corporate Debtors) Rules, 2019] [Date] To The Bankruptcy Trustee [Name of the Bankruptcy Trustee] [Address as set out in public notice] From [Name and address of the creditor] Subject: Submission of claims with proof. Madam/Sir, [Name of the creditor], hereby submits this proof of claim in respect of the bankruptcy process in the case of [name of bankrupt]. The details for the same are set out below: S. No. Particulars 1. Title and full name of creditor 2. Identification number of creditor Aadhar PAN CIN GSTIN 3. Address Present Permanent Business 4. Total amount of claim (Including any interest as at the bankruptcy commencement date) 5. Details of documents by reference to which the debt can be substantiated. 6. Details of any dispute as well as the record of such dispute Note: '....