IBBI Notifies Mandatory Forms for Personal Guarantor Insolvency Resolution Process: A Detailed Overview
The Insolvency and Bankruptcy Board of India has taken a significant step toward procedural uniformity in personal guarantor insolvency proceedings by issuing Circular No. IBBI/IIRP/98/2026 dated 2nd June, 2026. Through this circular, the Board has formally prescribed three standardized forms that are now mandatory under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, as further amended by the corresponding Amendment Regulations of 2026.
This development carries substantial practical importance for insolvency professionals, creditors, and all stakeholders participating in resolution processes involving personal guarantors to corporate debtors.
Background and Regulatory Basis
The Insolvency and Bankruptcy Code, 2016 establishes a comprehensive framework for resolving insolvency across multiple categories of debtors — including corporate debtors, personal guarantors, individuals, and partnership firms. Within this framework, personal guarantors to corporate debtors occupy a distinct legal position, and their insolvency resolution is governed by a specialized regulatory instrument.
The IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (referred to herein as the IRP for PG to CD Regulations) lay down the procedural framework for such proceedings. These Regulations contemplate that certain forms necessary for conducting the resolution process shall be notified by the Board separately through official circulars, rather than being embedded directly within the Regulations themselves.
Pursuant to the 2026 Amendment to these Regulations, the Board has now exercised its authority under Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 to formally notify three prescribed forms. The circular was issued by Jithesh John, Executive Director, and addressed to:
- All Registered Insolvency Professionals
- All Recognised Insolvency Professional Entities
- All Registered Insolvency Professional Agencies
The Three Prescribed Forms at a Glance
The circular specifies the following three forms, each tied to a specific regulatory provision:
| Sl. No. | Regulation | Form | Purpose |
|---|---|---|---|
| 1 | Regulation 4(2) | Form A | Written Consent to Act as Resolution Professional |
| 2 | Regulation 7(1) | Form B | Claim with Proof by a Creditor |
| 3 | Regulation 16(2) | Form C | Proxy Form for Attendance and Voting at Meeting of Creditors |
Each form carries specific disclosure obligations, declaration requirements, and procedural details, which are examined below.
Form A — Written Consent to Act as Resolution Professional
Overview
Form A is prescribed under Regulation 4(2) of the IRP for PG to CD Regulations, 2019. It is the formal instrument through which an insolvency professional records and submits consent to be appointed as the Resolution Professional in a personal guarantor insolvency resolution process.
Addressee and Structure
The form is addressed to the Adjudicating Authority (the relevant bench of the National Company Law Tribunal) and must be submitted by the insolvency professional who has been proposed for appointment. The professional is required to furnish:
- Their full name
- Registration number issued by the IBBI
- Registered address as maintained with the Board
- Name of the Insolvency Professional Agency with which they are enrolled