Gujarat HC Grants Bail to Marriage Bureau Owner, Finds No Link to Alleged ‘Looteri Dulhan’ Gang  ||  Calcutta HC: Minor’s Consent has No Mitigating Effect in POCSO Sexual Assault Cases  ||  Orissa HC Commutes Death Sentence, Says Emotion Cannot Override Established Law  ||  Calcutta HC: Street Vendors Act Protects Lawful Vending, Not Illegal Encroachments  ||  P&H HC: Courts Cannot Reveal Identities of Children in Conflict With Law in Court Records  ||  Bombay HC: Government Cannot Fix ‘Politically Convenient’ Election Dates sets Goa Poll Timeline  ||  SC: Major Port Trusts Liable for Customs Duty on Pilfered Goods under Customs Act  ||  Supreme Court: General Fraud Allegations Cannot Extend Limitation under Section 74 CGST Act  ||  SC: ‘No Coercive Steps’ Order Cannot Restrain Filing of Charge Sheet  ||  Chhattisgarh HC: Maintenance for Autistic Child May Continue Beyond 18 Until Self-Sufficient    

Clarification regarding submission of particulars and declaration by the insolvency professionals in the application filed by creditor(s) in Part IV of Form C of the IRP PGCD Rules- (Insolvency and Bankruptcy Board of India) (21 Dec 2023)

MANU/NMIC/0601/2023

Insolvency

Section 95 of the Insolvency and Bankruptcy Code (Code) 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) allows the creditor to file an application for initiation of insolvency resolution process of personal guarantors to corporate debtors. The creditor may file the application either himself or jointly with other creditors or through a resolution professional (RP) in Form C of the IRP PGCD Rules.

Where the application is filed through an RP, the particulars and declaration by such RP are provided in Part IV of the Form C of the IRP PGCD Rules. In such cases, the Adjudicating Authority (AA) after confirming that there is no pendency in respect of disciplinary proceedings against the RP from the database shared by the Insolvency and Bankruptcy Board of India, appoints the proposed RP by an Order under sub-section (5) of section 97 of the Code.

In certain cases, the creditor may file the application itself recommending the name of the insolvency professional to be appointed as RP. It is hereby clarified that in such cases, the insolvency professional proposed to be appointed as RP shall also provide the particulars of and declaration in Part IV of Form C of the IRP PGCD Rules to the creditor for the consideration of the AA.

This is issued in exercise of the powers under section 196 of the Code.

Tags : CLARIFICATION   IRP PGCD RULES  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved