TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019
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....of December, 2019. 2. Application. These regulations shall apply to insolvency resolution process for personal guarantors to corporate debtors. 3. Definitions. In these regulations, unless the context otherwise requires, - (a) "associate" in relation to a creditor, a resolution professional or professionals engaged by resolution professional, as the case may be, shall have the same meaning as assigned to it in relation to a debtor in sub-section (2) of section 79; (b) "Code" means the Insolvency and Bankruptcy Code, 2016 (31 of 2016); (c) "corporate debtor" means a corporate person for whom the guarantor has given a personal guarantee; (d) "electronic means" means an authorised 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 regulations; (f) "participant" means a person entitled to attend a meeting of creditors and includes a creditor, the guarantor, the resolution professional, and any other person....
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....ned to it in sub-section (24) of section 5. (2) An insolvency professional, other than who has filed an application under section 94 or 95 on behalf of a guarantor or a creditor, as the case may be, shall provide a written consent in Form A to the Adjudicating Authority before his appointment as resolution professional in a resolution process. 5. Preservation of records. The resolution professional shall preserve a physical as well as an electronic copy of the records relating to resolution process of the guarantor as per the record retention schedule, as may be communicated by the Board in consultation with insolvency professional agencies. 6. Debt counselling. Debt counselling in relation to resolution process may be provided to a guarantor by such person as may be recognised by the Board or the Central Government, as the case may be. CHAPTER III REGISTRATION OF CLAIMS 7. Submission and verification of claim. (1) A creditor shall submit its claim along with proof to the resolution professional in Form B, on or before the last date mentioned in the public notice issued under sub-section (1) of section 102. (2) The creditor shall bear the costs relatin....
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....f creditors to the guarantor; (c) make available the list of creditors on the website, if any, of the guarantor; (d) present the list of creditors at the meeting of creditors; and (e) file a certified copy of the list of creditors with the Adjudicating Authority along with the repayment plan. 10. Statement of affairs. (1) The resolution professional shall prepare a statement of affairs of the guarantor for the purposes of clause (b) of sub-section (3) of section 107. (2) The statement of affairs shall include the following information of the guarantor - (a) assets and liabilities for the preceding three financial years and the current financial year; (b) details of the excluded assets and excluded debts; (c) income statement for the preceding three financial years and the current financial year; (d) income-tax returns filed by the guarantor, if any, for the preceding three financial years; (e) creditor wise amount due, broken up into secured and unsecured debts for the preceding three financial years; (f) details of debt owed by guarantor to his associates for the preceding three financial yea....
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....ility for generating password for access to the meeting in a secure manner; and (c) provide contact details of the person who shall address the queries connected with the video conferencing. (4) If an option to cast vote by electronic means is made available to the creditors, the notice of the meeting shall - (a) state the process and the manner of casting vote by such means; (b) provide the login ID and the details of a facility for generating password for access to the electronic means for casting vote in a secure manner; and (c) provide contact details of the person who shall address the queries connected with the electronic means. 13. Quorum. (1) A meeting of creditors shall be quorate if creditors representing at least thirty-three percent of voting share are present in person, by proxy or through video conferencing: Provided that the creditors in a meeting may modify the percentage of voting share required for quorum in respect of any future meetings of the creditors. (2) Where a meeting of creditors could not be held for want of quorum, unless the creditors have previously decided otherwise, the meeting shall automatically stand adjourned to the sa....
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....eans. (5) The resolution professional shall circulate a copy of the record made under sub-regulation (4) to all participants within twenty-four hours of the conclusion of the voting. 16. Voting by proxy. (1) A creditor, who is entitled to vote at a meeting of creditors, shall be entitled to appoint an individual, who shall not be an associate of the guarantor, as a proxy to attend and vote on its behalf. (2) For the purpose of sub-regulation (1), a creditor shall deliver Form C, duly completed to the resolution professional at least twenty-four hours prior to the meeting of creditors. (3) A proxy may vote by electronic means on behalf of the creditor. CHAPTER V REPAYMENT PLAN 17. Contents of repayment plan. (1) The repayment plan shall provide the following - (a) the term of the repayment plan and its implementation schedule, including the amounts to be repaid and dates of repayment to creditors; (b) the source of funds that will be used to pay resolution process costs and that such payment shall be made in priority over any creditor; (c) a minimum budget for the duration of the repayment plan, to cover the reasonable expenses of the guarantor an....
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....or director; (e) any associate of the guarantor, creditor or resolution professional. (2) The Adjudication Authority may set aside purchase or acquisition made contrary to the provisions of this regulation and may make such order as it may deem fit. 19. Filing with the Adjudicating Authority. (1) The resolution professional shall file the repayment plan, as approved by the creditors, along with the report mentioned in sections 106 or 112, as the case may be, with the Adjudicating Authority on or before completion of one hundred and twenty days from the resolution process commencement date. (2) The resolution professional shall provide the copies of the documents filed with the Adjudicating Authority under sub-regulation (1) to the guarantor and the creditors, within three days from the date of such filing. 20. Breach of repayment plan by the guarantor. (1) If in the opinion of the resolution professional, the guarantor has failed in implementation of the repayment plan, the resolution professional shall, within three days of knowledge of such failure, issue a notice to the guarantor identifying the failure and requiring him, within fifteen days of receipt of th....
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....y Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, I hereby give consent to the proposed appointment for the resolution process of [name of the guarantor] 3. I declare and affirm as under: - (a) I am registered with the Board as an insolvency professional. (b) I am not subject to any disciplinary proceedings initiated by the Board or the insolvency professional agency. (c) I do not suffer from any disability to act as a resolution professional. (d) I am eligible to be appointed as resolution professional of the guarantor under regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 and other applicable provisions of the Code and regulations. (e) I shall make the 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. (f) I am having the following processes in hand: Sl. No. Role as No. of processes on the date of consent 1 Interim Resolution Professional &nbs....
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....can be transferred pursuant to a repayment plan (Account Number, IFS Code, Branch and Bank) 12. Details of any security held (including value and date when it was given) 13. If you are a secured creditor, tick the applicable box in the right column relating to forfeiture of right to enforce security during the period of the repayment plan, which will determine the voting share as per section 110 of the Code □ I agree to forfeit my right to enforce my security [insert description] during the period of the repayment plan. □ I do not agree to forfeit my right to enforce my security [insert description] during the period of the repayment plan. 14. (i) Amount claimed by me in the corporate insolvency resolution process / liquidation process of the corporate debtor (ii) The amount admitted by the resolution professional / liquidator of said process (iii) Amount realised by me in the said process, if any 15. Following information regarding the guarantor (to the extent known)- Assets o....