Electronic forms for monitoring Insolvency Resolution
IBBI Introduces Electronic Forms for Monitoring Insolvency Resolution of Personal Guarantors
The Insolvency and Bankruptcy Board of India (IBBI) has introduced a structured system for electronic filing of forms to monitor the Insolvency Resolution Process (IRP) for Personal Guarantors to Corporate Debtors under the Insolvency and Bankruptcy Code, 2016 and the relevant regulations.
Background
During insolvency resolution proceedings involving personal guarantors, Resolution Professionals (RPs) have been submitting periodic updates to the Board through emails. This approach has been found to be time-consuming and less efficient.
Regulation 23 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 requires the resolution professional to file specified forms along with supporting documents within prescribed timelines as notified by the Board through circulars.
Introduction of Electronic Forms
To simplify compliance for Insolvency Professionals (IPs), the Board has developed a set of online forms to capture detailed information regarding the insolvency resolution process of personal guarantors.
These forms aim to:
- Enable online submission of process-related information
- Improve efficiency and timeliness of reporting
- Maintain structured and transparent records
- Reduce errors and incomplete submissions
Overview of Forms and Timelines
| Form No. | Process Stage / Coverage | Key Details Captured | Filing Timeline |
|---|---|---|---|
| PGIRP-1 | From admission of application under Section 94/95 until submission of the Section 99 report | Amount of debt covered by the guarantee, details of the resolution professional’s report and related information | On or before the 10th day of the following month after submission of the Section 99 report to the Adjudicating Authority |
| PGIRP-2A | From submission of the Section 99 report until rejection of application under Section 100, if applicable | Details relating to rejection of the application and related process information | On or before the 10th day of the next month after the rejection order under Section 100 |
| PGIRP-2B | From admission order under Section 100 until public announcement | Details of the admission order and public notice issued under the Code | On or before the 10th day of the next month after the public notice issued under Section 102 |
| PGIRP-3 | From public announcement until submission of the repayment plan report | Details of creditors, claims received, and applications filed under Sections 106 or 112, or under Regulation 17B | On or before the 10th day of the following month after submission of the report or filing of the relevant application |
| PGIRP-4 | From submission of the repayment plan report until the order of the Adjudicating Authority on the repayment plan | Details of the repayment plan, approval/rejection order, and distribution to claimants | On or before the 10th day of the following month after the order under Section 114 or order under Regulation 17B |
| PGIRP-5 | From approval of the repayment plan until discharge of the personal guarantor | Implementation status of the repayment plan and discharge details | On or before the 10th day of the next month after the discharge order under Section 118(3) or Section 119(1) |
| PGIRP-6 | Quarterly progress report until closure of the process | Status of the process, activities completed, and reasons for delay if any | On or before the 10th day of the month following the end of each quarter |
Online Filing Process
The electronic forms are available on the IBBI website. Insolvency Professionals handling personal guarantor assignments must:
- Log in to the platform using unique credentials provided by IBBI
- Upload and submit the forms with relevant documents
- Authenticate submissions through Digital Signature Certificate (DSC) or e-sign
The responsibility for timely and accurate submission of information rests entirely with the Insolvency Professional.
Modification Facility
The platform also provides a modification utility, allowing IPs to correct or update submitted forms using OTP-based authentication.
Relaxation for Initial Period
To allow Insolvency Professionals to familiarize themselves with the new system, penalties for delayed filing or modification will apply only after 30 June 2026.
Applicability of Filing Requirements
Forms must be filed through the electronic platform in the following situations:
- Within prescribed timelines for cases where orders under Section 97 or Section 100 are passed after issuance of the circular.
- By 31 March 2026 where the Section 99 report has been submitted but the Section 100 order is pending.
- By 30 June 2026 where admission under Section 100 has occurred but final orders under Sections 118(3) or 119(1) are pending.
- By 30 June 2026 for cases already concluded before the circular date, including:
- Rejection of application under Section 100
- Rejection of repayment plan under Section 114
- Premature termination under Section 118(3)
- Discharge under Section 119(1)
- Withdrawal of application
Responsibility and Regulatory Action
IBBI may take appropriate action under the Code, including refusal to issue or renew the Authorisation for Assignment, in cases where an Insolvency Professional:
- Fails to file the required forms
- Submits incomplete or inaccurate information
- Does not provide necessary supporting records
Support and Clarifications
For guidance, Insolvency Professionals may refer to FAQs available on the IBBI website. Technical issues related to form submission may be reported to support.form@ibbi.gov.in.
The circular has been issued under Section 196(1)(aa) of the Insolvency and Bankruptcy Code, 2016.
