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TMI BlogInsolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy 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 ..... on.― These rules shall apply to matters relating to bankruptcy of 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) electronic means means an authorized and secured computer programme which is capable of producing confirmation of sending communication to the participant entitled to receive such communication at the last electronic mail address provided by such participant and keeping record of such communication; (e) form means a form appended to these rules; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (1) of section 123 shall be submitted in Form B, along with a fee of two thousand rupees. (2) The creditor shall serve forthwith a copy of the application referred to in sub-rule (1) to the guarantor and the corporate debtor for whom the guarantor is a personal guarantor. (3) 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 125 and sub-section (5) of section 145, 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 125, sub-section (3) of section 146 and sub-section (3) of section 147, the Board may share a panel of insolvency professionals, who may be appointed as bankruptcy trustee, with the Adjudicating Authority. 9. Public notice. ― (1) The Adjudicating Authority shall issue a public notice inviting claims from all creditors of the bankrupt, under cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of dividend. 14. Copy of application. ― On the appointment of the bankruptcy trustee, nominated by the Board, under sub-section (5) of section 125 by the Adjudicating Authority, a copy of the application as referred to in rule 6 and rule 7, if not provided earlier, shall be provided to such bankruptcy trustee by the Adjudicating Authority within three days of the appointment. 15. Restriction on bankrupt. ―The restriction on the bankrupt under clause (d) of sub-section (1) of section 141 shall be applicable for any financial or commercial transaction of one lakh rupees and above. 16. 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 ― (i) rules 20, 21, 22, 23, 24 and 26 of Part III of the National Company Law Tribunal Rules, 2016 made under section 469 of the Companies Act, 2013 (18 of 2013); or (ii) rule 3 of the Debt Recovery Tribunal (Procedure) Rules, 1993 made under section 36 of the Recovery of Debts and B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. List of associates of the guarantor , including relatives, who may be creditors Name Age Address 8. Bank account details (Joint and Several) Account number IFSC code Name of Branch and Branch address 9. Identification numbers Aadhaar number Passport number PAN GSTIN 10. Contact number(s) Home Mobile Business 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Details regarding guarantee given by guarantor (in addition to information in serial number 1-13 of this part) Name of corporate debtor for which guarantee is given Any current or past position held in the corporate debtor Identification number of the corporate debtor Whether corporate debtor is an associate as per section 79(2) of the Code (state how) Any securities held in corporate debtor for whom guarantee is given 15. Where the guarantor is not a resident in India, the name and address of the person authorized to accept the service of process on guarantor s behalf, along with the authority Part II [ Please complete this Part if you have been self-employed, or a partner in a firm. If not, go to Part III .] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total debt (including any interest or penalties) 4. Amount of debt in default 5. Interest or penalties, if any 6. Date when the debt was due 7. Date when the default occurred 8. Nature of the debt 9. Secured debt including particulars of security held, the date of its creation, estimated value of security as per the creditor 10. Unsecured debt 11. Details of retention of title arrangements (if any) in respect of goods to which the debt refers 12. Record of default with the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the insolvency 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 insolvency professional / resolution professional / 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 an insolvency professional in respect of the debtor in accordance with Regulation 3 of the Insolvency and Bankruptcy Board of India (Bankruptcy 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 Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 [insert disclosures, if any] . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etailed computation of the income of the guarantor, or the firm, as the case may be, for the previous three years. 4. Copy of the personal guarantee contract. 5. Copies of entries in a bankers book in accordance with the Bankers Books Evidence Act, 1891 (18 of 1891) 6. The latest and complete copy of the financial contract reflecting all amendments and waivers to date. 7. Copies of relevant ownership and title documents for all assets. 8. Copy of the authorisation, wherever required under this form. 9. Proof that the application fee has been paid. 10. Documentary evidence of all information sought in each entry for each part of the form. 11. A statement of affairs of the guarantor made up to a date not earlier than two days from the date of the application including the following information and supporting documents, namely- (i) debtor s assets (inclusive of excluded assets) and liabilities for the previous three years; (ii) secured and unsecured debts (inclusive of excluded debts mentioned in serial number 14 of Part III of the form) with names of the creditors, and all requisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... N GSTIN 5. Address Present Permanent Business Part II PARTICULARS OF THE GUARANTOR 1. Title and full name 2. Date of birth and e-mail address (to the extent known) 3. Any other name by which the guarantor is or has been known (as applicable) (to the extent known) 4. Address Present Permanent Business 5. Occupation/ Business/ Profession 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Life insurance policy Jewelry 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 years (along with name of company in which directorship is held and Director Identification Number) and CIN of such companies (to the extent known) 13. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Details of any mutual credit, mutual debts, or other mutual dealings between the guarantor and the creditor, which may be set-off against the claim (attach proof) 10. Particulars of an order of a court, tribunal or arbitral panel adjudicating on the default, if any (attach a copy of the order) 11. Record of default with the information utility, if any (attach a copy) 12. Details of succession certificate, or probate of a will, or letter of administration, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal ], an insolvency professional registered with [ name of insolvency professional agency ] having registration number [ registration number ] have been proposed as the insolvency professional by [ name of applicant guarantor] in connection with the proposed bankruptcy process of [ name of the guarantor]. I hereby: (i) agree to accept appointment as the insolvency 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 insolvency professional / resolution professional / 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 an insolvency professional in respect of the debtor in accordance with regulation 3 of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... each part of the form. Form C [See rule 9 (1)] Public Notice [ Under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 ] FOR THE ATTENTION OF THE CREDITORS OF [ Full Name and title of Bankrupt (personal guarantor of (name of corporate debtor) ] Notice is hereby given that the [ Debt Recovery Tribunal/National Company Law Tribunal in case of bankrupt under section 60 of the Code ] has ordered the commencement of a bankruptcy process against the [ name of bankrupt ] residing at [ last known address of the bankrupt ] on [ bankruptcy commencement date ]. The creditors of [ name of the bankrupt ], are hereby called upon to submit their claims with proof on or before [ insert the date falling seven days from date of issue of public notice ] to the bankruptcy trustee at [ address ]. The last date for submission of claims of creditors shall be [ date ]. The creditors may submit their claims through electronic means, or by hand or registered post or speed post or courier. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RELEVANT PARTICULARS 1. Full name of bankrupt 2. Address Present Permanent Business 3. Bank account details (Joint and Several) Account Number IFSC Code Name of Bank and Bank Branch 4. List of assets of bankrupt and immediate family as on the application date for the previous three years. Note: this will include all assets of bankrupt, irrespective of them being excluded assets. Please mention the assets which may be excluded assets. Immovable property Description ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Name of corporate debtor for which guarantee is given ii. Any current or past position held in the corporate debtor iii. Whether corporate debtor is an associate iv. Any securities held in corporate debtor for whom guarantee is given 6. Name and address of person resident in India authorised to accept the service of process on bankrupt s behalf (if applicable) Part II FINANCIAL INFORMATION 1. Statement of assets and liabilities for the previous three years 2. Secured and unsecured debts, with complete details of the creditors including name and postal address, the total amount due, amount in default and details of the security, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Address Present Permanent Business 4. Total amount of claim (Including any interest as at the bankruptcy commencement date) 5. Details of documents by reference to which the debt can be substantiated. 6. Details of any dispute as well as the record of such dispute Note: Dispute will include suits, arbitration proceedings, and other judicial proceedings contesting the existence or validity of the debt. 7. Details of how debt was incurred and the date w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... If security is being realised, specify balance amount of debt which is being claimed. 13. List of documents attached to this proof of claim in order to prove the existence and non-payment of claim due to the creditor 14. Details of bank account to which the share of creditor s proceeds from bankruptcy can be deposited. Signature of creditor or person authorised to act on his behalf [ Please enclose the authority if this is being submitted on behalf of a creditor ] Name in block letters Address of person signing DECLARATION I, [name of claimant], currently residing at [insert address], declare and state as follows: 1. [Name of bankrupt], the debtor was, at the bankruptcy commencement date, being the __________ day of __________ 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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