PG-Personal Guarantors

Sharing of Report prepared by Resolution Professional under Section 99 of IBC, 2016 to both Debtor and Creditor – IBBI Circular No. IBBI/II/66/2024 dated 12.02.2024

It is hereby advised that the RP shall provide a copy of the report to both debtor and creditor in all cases. This will ensure that the debtor and the creditor are well-informed about the evaluation and recommendations made by the RP, thereby promoting transparency and informed decision-making.

Sharing of Report prepared by Resolution Professional under Section 99 of IBC, 2016 to both Debtor and Creditor – IBBI Circular No. IBBI/II/66/2024 dated 12.02.2024 Read Post »

In case, Creditor files an application under Sec. 95 of IBC for initiation of insolvency resolution process of Personal Guarantors, the Insolvency Professional proposed to be appointed as RP shall provide the particulars and declaration in Part IV of Form C of the Insolvency Resolution Process for Personal Guarantors Rules, 2019 (IRP PGCD Rules) – IBBI Circular No. IBBI/II/62/2023 dated 21.12.2023

In case, Creditor files an application for initiation of insolvency resolution process of Personal Guarantors to Corporate Debtors under Sec. 95 of IBC read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (IRP PGCD Rules), the Insolvency Professional proposed to be appointed as RP shall provide the particulars and declaration in Part IV of Form C of the IRP PGCD Rules to the creditor for the consideration of the Adjudicating Authority.

In case, Creditor files an application under Sec. 95 of IBC for initiation of insolvency resolution process of Personal Guarantors, the Insolvency Professional proposed to be appointed as RP shall provide the particulars and declaration in Part IV of Form C of the Insolvency Resolution Process for Personal Guarantors Rules, 2019 (IRP PGCD Rules) – IBBI Circular No. IBBI/II/62/2023 dated 21.12.2023 Read Post »

 Discussion paper on appointment of RP, sharing of report prepared by the RP with the personal guarantor and mandating summoning of meeting of the creditors

This discussion paper solicits comments on following three issues, namely: –

(i) Appointment of RP in the insolvency resolution process of personal guarantors (PGs) to corporate debtors (CDs);

(ii) Sharing of report prepared by the resolution professional (RP) under section 99 of the Code with the PG and the creditors; and

(iii) Mandating summoning of meeting of the creditors under section 106 of the Code in case of insolvency resolution process of PGs to CDs.

 Discussion paper on appointment of RP, sharing of report prepared by the RP with the personal guarantor and mandating summoning of meeting of the creditors Read Post »

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