IBBI Introduces Electronic Filing of Forms for Insolvency Resolution Process of Personal Guarantors

Under Regulation 23 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, Resolution Professionals (RPs) are required to submit periodic information to the Board regarding the progress of the resolution process. Previously, this was done through email-based submissions, a process the Insolvency and Bankruptcy Board of India (IBBI) has acknowledged as time-consuming and inefficient. The new electronic forms replace this mechanism with a structured, online filing system hosted on the IBBI’s website.

Six electronic forms have been introduced, each covering a distinct stage of the Personal Guarantors’ Insolvency Resolution Process (PGIRP), to be filed by the 10th of the subsequent month after the relevant triggering event:

1. PGIRP 1 covers the period from admission under Section 94/95 to the submission of the RP’s report under Section 99, and must be filed within 10 days of the subsequent month after the Section 99 report is submitted.

2. PGIRP 2A covers the period from the Section 99 report to the rejection order under Section 100, and must be filed within 10 days of the subsequent month after the rejection order is passed.

3. PGIRP 2B covers the period from the admission order under Section 100 to the public announcement under Section 102, and must be filed within 10 days of the subsequent month after the public notice is issued.

4. PGIRP 3 covers the period from the public announcement to the submission of the repayment plan report under Section 106 or 112, and must be filed within 10 days of the subsequent month after the report is submitted.

5. PGIRP 4 covers the period from the repayment plan report to the Adjudicating Authority’s (AA) order on the repayment plan under Section 114, and must be filed within 10 days of the subsequent month after the AA’s order.

6. PGIRP 5 covers the period from the approval of the repayment plan to the discharge of the personal guarantor under Section 118(3) or 119(1), and must be filed within 10 days of the subsequent month after the AA’s order.

7. PGIRP 6 is a quarterly update on the status of the process, to be filed by the 10th of the subsequent month after the end of each quarter, until the process is concluded.

Each form requires digital signing or e-signing by the Insolvency Professionals (IPs) and must be filed along with relevant supporting documents.

For the matters that are ongoing, the circular prescribes a phased transition:

1. For cases where an order under Section 97 or 100 is passed on or after the date of the circular – forms must be filed within the prescribed timelines.

2. For cases where the Section 99 report has been submitted but no Section 100 order has been passed – forms must be filed on or before March 31, 2026.

3. For cases where a Section 100 admission order has been passed but the process is yet to conclude – forms must be filed on or before June 30, 2026.

4. For cases where the process has already concluded prior to the circular (including rejections, withdrawals, and discharges) – forms must be filed on or before June 30, 2026.

To allow IPs to familiarise themselves with the new platform, penalties for delayed filing will not be levied until after June 30, 2026. However, beyond this grace period, non-compliance, including failure to file, or filing inaccurate or incomplete information, may attract action under the Code, including refusal to issue or renew the IP’s Authorisation for Assignment.

This circular marks a significant step towards digitising and standardising the reporting framework for personal guarantor insolvency proceedings. RPs handling active PGIRP assignments should take immediate note of the transition deadlines and ensure timely registration and filing on the IBBI’s electronic platform to avoid regulatory consequences once the grace period expires.