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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 ..... ons. ― (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) "serve" means sending any communication by any means, including registered post, speed post, courier or electronic form, which is capable of producing or generating an acknowledgement of receipt of such communication: Provided that where a document cannot be served ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 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 section 95, as the case may be, if not provided earlier, to the resolution professional within three days of his appointment under sub-section (5) of section 97, and to the Board for its record. 10. Filing of application and documents.― (1) Till such time, rules of procedure for conduct of proceedings under the Code are notified, the applications under rules 6 and 7 shall be filed and dealt with by the Adjudicating Authority in accordance with ― (a) rules 20, 21, 22, 23, 24 and 26 of Part III of the National Company Law Tribunal Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates of the guarantor, including relatives, who are its creditors Name Age Address 8. Bank account details (Joint and Several) Account number IFSC code Name of Bank and Branch address 9. Identification number Aadhaar number Passport number PAN GSTIN 10. Contact No.(s) Home Mobile Business 11. List of assets of guarantor and immediate family as on the application date. Note: This will include all assets of guarantor, irrespective of them being excluded assets. Please mention which assets may be excluded assets. Immovable Description Estimated value Excluded asset or not Movable Description Estimated value Excluded asset or not Vehicles Shares in listed companies 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 directorships held in the last three preceding years (along with name of company in which directorship is held) and CIN of such companies 13. Marital status (single, married, divorced, widowed, cohabiting, separated, or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed does not include any- (i) liability to pay fine imposed by a court or tribunal; (ii) liability to pay damages for negligence, nuisance or breach of a statutory, contractual or other legal obligation; (iii) liability to pay maintenance to any person under any law for the time being in force; (iv) liability in relation to a student loan; (v) any other debt prescribed under section 79(15)(e) of the Code. Part IV 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 [name of applicant guarantor] in connection with the proposed insolvency resolution process of [name of the guarantor]. I hereby: (i) agree to accept appointment as the resolution professional if an order of appointment is passed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended 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 complete copy of the financial contract reflecting all amendments and waivers to date. 6. Copies of relevant ownership and title documents for all assets. 7. Copy of the authorisation, wherever required under this form. 8. Proof that the application fee has been paid. 9. Documentary evidence of all information sought in each entry for each Part of the form. 10. A statement of affairs of the guarantor made up to a date not earlier than seven days from the date of the application including the following information and supporting documents, namely:- (i) guarantor's assets (inclusive of assets which may be excluded assets) and liabilities for the previous three years; (ii) secured and unsecured debts (inclusive of excluded debts men ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), under the Indian Succession Act, 1925 (10 of 1925) (attach a copy) 12. Provision of law, contract or other document under which debt has become due (attach a copy) 13. 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 14. List of documents attached to this notice in order to prove the existence of debt and the amount in default 3. If you believe that the debt has been repaid before the receipt of this notice, please demonstrate such repayment by sending to us, within fourteen days of receipt of this notice, the following:-- (a) an attested copy of the record of electronic transfer of the unpaid amount from the bank account of the guarantor; or (b) evidence of encashment of cheque for the unpaid amount issued by the guarantor; or (c) an attested copy of any record that [name of the creditor] has received the payment. 4. The undersigned request you to unconditionally pay the unpaid debt in default in full within fourteen days from the receipt of this letter failing which insolvency resolution process, under the Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Passport number PAN GSTIN 10. Contact number(s) Home Mobile Business 11. List of assets of guarantor as on the application date (to the extent known) Note: this will include all assets of guarantor, irrespective of them being excluded assets. Immovable Description Estimated value Excluded asset or not Movable Description Estimated value Excluded asset or not Vehicles Shares in listed companies 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iv) liability in relation to a student loan; (v) any other debt prescribed under section 79(15)(e) of the Code. 17. If you are a secured creditor, tick the applicable box in the right column relating to forfeiture of right to enforce security during the period of the repayment plan, which will determine the voting share as per section 110 of the Code __ I agree to forfeit my right to enforce my security [insert description] during the period of the repayment plan. __ I do not agree to forfeit my right to enforce my security [insert description] during the period of the repayment plan. Part-IV PARTICULARS OF & DECLARATION BY INSOLVENCY PROFESSIONAL (IF APPLICATION FILED THROUGH INSOLVENCY 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 insolvency 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 [name of applicant guarantor] in connection with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the assets, liabilities, income and any other relevant information as may have been provided by the guarantor at any point in time, if available. 9. Documentary evidence of all information sought in each entry for each Part of the form. Form D [See rule 11(2)] APPLICATION FOR WITHDRAWAL OF INSOLVENCY RESOLUTION PROCESS [Under rule 11 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors) Rules, 2019] [Date] To The Adjudicating Authority [Address] From [Name and address of applicant] In the matter of [name of guarantor] Subject: Withdrawal of application for insolvency resolution process of [name of guarantor] admitted on ……. 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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