TMI BlogInsolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Application.― These rules shall apply to insolvency resolution process for personal guarantors to corporate debtors. 3. Definitions. ― (1) In these rules, unless the context otherwise requires, - (a) Adjudicating Authority means- (i) for the purpose of section 60, the National Company Law Tribunal constituted under section 408 of the Companies Act, 2013 (18 of 2013); or (ii) in cases other than sub-clause (i), the Debt Recovery Tribunal established under sub-section (1A) of section 3 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993); (b) Code means the Insolvency and Bankruptcy Code, 2016 (31 of 2016); (c) electronic form shall have the meaning assigned to it in clause (r) of section 2 of the Information Technology Act, 2000 (21 of 2000); (d) form means a form appended to these rules; (e) guarantor means a debtor who is a personal guarantor to a corporate debtor and in respect of whom guarantee has been invoked by the creditor and remains unpaid in full or part; (f) section means section of the Code; (g) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion (1) of section 95 shall be submitted in Form C, along with a fee of two thousand rupees. (3) The creditor shall serve forthwith a copy of the application referred to in sub-rule (2) to the guarantor and the corporate debtor for whom the guarantor is a personal guarantor. (4) In case of a joint application, the creditors may nominate one amongst themselves to act on behalf of all the creditors. 8. Confirmation or nomination of insolvency professional .― (1) For the purposes of sub-section (2) of section 97 and sub-section (5) of section 98, the Board may share the database of the insolvency professionals, including information about disciplinary proceedings against them, with the Adjudicating Authority from time to time. (2) For the purposes of sub-section (4) of section 97 and sub-section (3) of section 98, the Board may share a panel of insolvency professionals, who may be appointed as resolution professionals, with the Adjudicating Authority. 9. Copy of application .― The applicant shall provide a copy of the application filed under sub-section (1) of section 94 or sub-section (1) of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority [ Address] From [ Name and address of the guarantor ] In the matter of [ name of the guaranto r] Subject: Application to initiate insolvency resolution process in respect of [ name of the guarantor ]. Madam/Sir, I/We hereby submit this application to initiate an insolvency resolution process in respect of [name of guarantor]. The details for the purpose of this application are set out below- Part-I PARTICULARS OF THE GUARANTOR 1. Title and full name 2. Date of birth and e-mail address 3. Any other name, if any, by which the guarantor is or has been known 4. Address: (i) Present (ii) Permanent (iii) Business 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es Shares in other companies Life insurance policy Jewellery Pension policy Investment in mutual funds Investment in other funds Investment in partnerships and other business concerns Any other movable property 12. Number of directorship ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elow. (i) Date of joining firm (ii) Capital subscription as per latest balance sheet (iii) Profit sharing as per latest balance sheet (iv) Name, address and authority of person submitting application on behalf of the firm Part - III PARTICULARS OF DEBT [CREDITOR WISE, AS APPLICABLE] 1. Name(s) of creditor(s) 2. Address Present Permanent Business 3. Total debt (including any interest or penalties) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PARTICULARS OF DECLARATION BY RESOLUTION PROFESSIONAL (IF APPLICATION FILED THROUGH RESOLUTION PROFESSIONAL) 1. Title and full name 2. Address Present Permanent Business 3. E-mail address(es) 4. Contact number Home Mobile Business 5. Declaration by resolution professional I, [ name of insolvency professional ], an insolvency professional enrolled with [ name of insolvency professional agency ] having registration number [ registration number ] have been proposed as the resolution professional by [ n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said application along with the said documents are true, valid and genuine to the best of my knowledge, information and belief and nothing material facts have been concealed therefrom. Date: Place: (Signature of the applicant) VERIFICATION I, [ name of applicant ], do hereby verify that the contents of this application are true and correct to my knowledge and belief. Nothing is false and no material has been concealed therefrom. Verified at ______ on this ______ day of ______ 201__ ________ (Signature of the Applicant) ATTACHMENTS: List of documents to be appended to the application: 1. All documents mentioned in serial number 14 of Part III of this form. 2. Copy of the income tax returns with detailed computation of the income of the guarantor, or the firm, as the case may be, for the previous three years. 3. Copy of the personal guarantee contract. 4. Copies of entries in a bankers book in accordance with the Bankers Books Evidence Act, 1891 (18 of 1891) 5. The latest and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... letter is a demand notice of unpaid debt in default due from [ name of corporate debtor ]. Please find particulars of the unpaid debt in default below: PARTICULARS OF DEBT 1. Total outstanding debt (including any interest or penalties) 2. Amount of debt in default 3. Date when the debt was due 4. Date when the default occurred 5. Nature of the debt 6. Secured debt including particulars of security held, the date of its creation, its estimated value as per the creditor (as applicable), and details of securities 7. Unsecured debt (as applicable) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f creditor/person authorised to act on behalf of the creditor [ Please enclose the authorisation document if this notice is being issued on behalf of the creditor] Name in block letters Address of person signing Instructions 1. Please serve a copy of this notice on the guarantor, fourteen days in advance of filing an application under section 95 of the Code. 2. Please attach a copy of such served notice with the application made by the creditor to the Adjudicating Authority. FORM C [See rule 7(2)] APPLICATION BY CREDITOR TO INITIATE INSOLVENCY RESOLUTION PROCESS [ Under rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 ] [Date] To The Adjudicating Authority [ Address ] From [ Name and address of the creditor ] In the matter of [ name of the guarantor ] Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Address Present Permanent Business 5. Occupation/ Business/ Profession 6. Annual income (to the extent known) 7. List of associates of the guarantor, including relatives, who may be creditors (to the extent known) Name Age Address 8. Bank account details (Joint and Several) Account number IFSC Code Name of the bank and Branch address ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Any other movable property 12. Number of directorships held in the preceding three years (along with name of company in which directorship is held) and CIN of such companies 13. Marital status (single, married, divorced, widowed, co-habiting, separated, or specify any other) (to the extent known) 14. Details regarding personal guarantor (in addition to information in serial numbers 1-13 of this part) - Name of corporate debtor for which guarantee is given Any current or past position held in the corporate debtor (to the extent known) Identification number of the corporate debtor Whether corporate debtor is an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tration, or court decree (as may be applicable), under the Indian Succession Act, 1925 (10 of 1925) (attach a copy) 13. Provision of law, contract or other document under which debt has become due (attach a copy) 14. A statement of bank account where deposits are made or credits received normally by the creditor in respect of the debt of the corporate debtor, from the date on which the debt was incurred (attach a copy) 15. List of documents attached to this application in order to prove the existence of debt and the amount in default 16. Statement by creditor in respect of excluded debts I [creditor] hereby state that the debt(s) for which the insolvency resolution process application is filed does not include any- (i) liability to pay fine imposed by a court or tribunal; (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y: (i) agree to accept appointment as the resolution professional if an order of appointment is passed by the Adjudicating Authority; (ii) state that the registration number allotted to me by the Board is [ insert registration number ] and that I am currently qualified to practice as an insolvency professional; (iii) disclose that I am currently serving as an interim resolution professional / resolution professional / authorized representative / liquidator/ bankruptcy trustee in [ insert number and details of the proceedings ]; (iv) certify that there are no disciplinary proceedings pending against me with the Board or [ name of the insolvency professional agency he is a member of ]; (v) affirm that I am eligible to be appointed as a resolution professional in respect of the guarantor in accordance with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019; (vi) make the following disclosures in accordance with the code of conduct for insolvency professionals as set out in the Insolvency and Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. [Name of applicant], had filed an application bearing [particulars of application, i.e, diary number/case number] on [date of filing] before the Adjudicating Authority under [Section 94/ Section 95] of the Code. The said application was admitted by the Adjudicating Authority on [date] bearing [case number]. 2. I hereby withdraw the application bearing [particulars of application i.e, diary number/ case number] filed by[ name of applicant] before the Adjudicating Authority under [Section 94/ Section 95] of the Code. 3. The creditor(s) have approved the request for withdrawal of the application under rule 11. 4. I have been authorised by the applicant to file this application of withdrawal with the Adjudicating Authority.(strike out if not applicable) 5. The required bank guarantee towards estimated cost incurred in the process by the resolution professional is attached. (Signature of the applicant or person authorised by the applicant) Date: Place: [F. No. 30/21/2018-Insolvency Section] GYANESHWAR KUMAR SINGH, Jt. Secy. - Notification Tax Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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