Formats under IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

The Insolvency and Bankruptcy Board of India (IBBI), through Circular No. IBBI/BIRP/99/2026 dated 2 June 2026, has specified standardized formats under the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, as amended by the Second Amendment Regulations, 2026. Exercising its powers under Sections 196 and 240 of the Insolvency and Bankruptcy Code, 2016, the Board notified two key forms to be used in bankruptcy proceedings involving personal guarantors to corporate debtors.

Form A prescribes the format for an insolvency professional’s written consent to act as a Bankruptcy Trustee, requiring declarations regarding registration status, eligibility, absence of disciplinary proceedings, disclosures under the code of conduct, and details of ongoing assignments. Form B provides a standardized format enabling creditors to appoint proxies for attending and voting at meetings of the committee of creditors. By introducing these prescribed forms, the IBBI seeks to ensure uniformity, transparency, accountability, and procedural clarity in bankruptcy proceedings concerning personal guarantors. The circular facilitates efficient administration of the process while strengthening compliance with statutory and regulatory requirements under the Code.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110 001

Circular No. IBBI/BIRP/99/2026 | Dated: 2^nd June, 2026

To
All Registered Insolvency Professionals
All Recognized Insolvency Professional Entities
All Registered Insolvency Professional Agencies
(By mail to registered email addresses and on the website of the IBBI)

Subject – Formats under the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, as amended by the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2026 specify various forms relating to the process to be notified by Board through circular.

2. Accordingly, in exercise of the powers conferred under section 196 of the Code read with the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, the following formats are hereby specified:

3. The formats of the above Forms are enclosed at the Annexure to this Circular.

4. This Circular is issued in exercise of the powers conferred under section 196 read with section 240 of the Code.

Sd/-
(Jithesh John)
Executive Director

Annexure

FORM A
Written Consent to Act as Bankruptcy Trustee
(Under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019)

[Date]

To

The Adjudicating Authority
[Name of Bench]

From

[Name of the Insolvency Professional]
[Registration number of the Insolvency Professional]
[Address of the Insolvency Professional registered with the Board]

Subject: Written consent to act as bankruptcy trustee.

1. I, [name], an insolvency professional enrolled with [name of insolvency professional agency] and registered with the Board, note that I have been proposed to be appointed as bankruptcy trustee for the bankruptcy process of [name of the bankrupt].

2. In accordance with regulation 3(3) of the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, I hereby give consent to the proposed appointment.

3. I declare and affirm as under: –

a. I am registered with the Board as an insolvency professional.

b. I am not subject to any disciplinary proceedings initiated by the Board or the Insolvency Professional Agency.

c. I do not suffer from any disability to act as a bankruptcy trustee.

d. I am eligible to be appointed as bankruptcy trustee of the bankrupt under regulation 3 of the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 and other applicable provisions of the Code and regulations.

e. I shall make the 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;

f .I have the following processes in hand:

Date:
Place:

(Signature of Insolvency Professional)
Registration No.. …..

FORM B
Form to Appoint Proxy
(Under regulation 26(2) of the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019)

Full name of the bankrupt: [Insert matter name / application number for the bankruptcy rocess]

I, being [insert name of creditor] holding [insert voting share] of the debt of the bankrupt, hereby appoint:

or failing him;

as my proxy to attend and vote for me and on my behalf at the meeting of the committee to be held on [insert date and time of meeting] at [insert venue of the meeting], and at any adjournment thereof in respect of the matters indicated in the notice of the meeting [provide details of the notice], as listed below:

[insert matters as listed in the agenda]

Signed this [insert date] day of [insert month] [insert year]
Signature of creditor:
Signature of proxy: