In the insolvency resolution process for personal guarantors to corporate debtors, resolution professionals currently submit periodic information regarding the process to the Insolvency and Bankruptcy Board of India through emails. Regulation 23 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 requires the filing of Forms as notified by the Board through circulars within specified timelines. To streamline reporting and improve efficiency in monitoring insolvency resolution processes for personal guarantors, the Board has introduced a system of electronic forms to be filed through an online platform.

The Insolvency and Bankruptcy Board of India has introduced a set of electronic Forms to capture information relating to the insolvency resolution process of personal guarantors to corporate debtors. The Forms and timelines prescribed are as follows:

Form PGIRP-1
Period Covered: From admission under section 94 or section 95 till filing of the report under section 99.
Timeline: On or before the 10th day of the subsequent month after submission of the report by the Resolution Professional to the Adjudicating Authority under section 99.

Form PGIRP-2A
Period Covered: From report under section 99 to order under section 100 where the application is rejected.
Timeline: On or before the 10th day of the subsequent month after the order of rejection under section 100.

Form PGIRP-2B
Period Covered: From admission order under section 100 till issuance of public notice under section 102.
Timeline: On or before the 10th day of the subsequent month after issuance of public notice under section 102.

Form PGIRP-3
Period Covered: From public announcement till submission of report on the repayment plan.
Timeline: On or before the 10th day of the subsequent month after submission of report under section 106 or section 112, or after filing of application under Regulation 17B.

Form PGIRP-4
Period Covered: From report on repayment plan till order of the Adjudicating Authority on the repayment plan.
Timeline: On or before the 10th day of the subsequent month after the order of the Adjudicating Authority under section 114 or order on application under Regulation 17B.

Form PGIRP-5
Period Covered: From approval of repayment plan till discharge of the personal guarantor.
Timeline: On or before the 10th day of the subsequent month after the order of the Adjudicating Authority under section 118(3) or section 119(1).

Form PGIRP-6
Scope: Quarterly status report of the process including status, reasons for delay and latest activity completed.
Timeline: On or before the 10th day of the subsequent month after the end of each quarter until closure of the process.

The electronic forms shall be filed by the Insolvency Professional through the electronic platform hosted on the IBBI website using the assigned username and password, and shall be digitally signed or e-signed before submission.

An Insolvency Professional shall file the applicable Forms:

(a) Within the prescribed timelines for all cases where an order under section 97 or section 100 is passed by the Adjudicating Authority on or after the date of issuance of the circular.

(b) On or before March 31, 2026, where the report under section 99 has been submitted but the order under section 100 has not yet been passed as on the date of the circular.

(c) On or before June 30, 2026, where the admission order under section 100 has been passed but the order under section 118(3) or section 119(1) has not yet been passed as on the date of the circular.

(d) On or before June 30, 2026, where the process has concluded prior to the date of the circular, 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), or withdrawal of application.

Penalties for delayed submission or modification of the Forms shall be levied only after June 30, 2026 to facilitate familiarisation with the electronic filing system.

Failure to file the Forms, or submission of incomplete or inaccurate information or records, may attract action by the Board under the Insolvency and Bankruptcy Code, 2016, including refusal to issue or renew Authorisation for Assignment.

In case of any clarification, may refer to the Frequently Asked Questions (FAQs) as available on www.ibbi.gov.in. Further, any technical issues or difficulties in filing may be reported to support.form@ibbi.gov.in.