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.