The Insolvency and Bankruptcy Board of India (IBBI), vide Circular dated 06 February 2026, has introduced electronic forms for monitoring the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors (PGIRP) under the Insolvency and Bankruptcy Code, 2016. Earlier, Resolution Professionals (RPs) were submitting periodic updates to IBBI through emails, which was considered inefficient. To streamline reporting and enhance transparency, IBBI has now implemented an electronic filing system requiring RPs to submit specified forms capturing key stages of the insolvency process through the IBBI portal. The forms must be filed using the RP’s login credentials and authenticated through DSC or e-sign. Failure to file the forms or submission of incomplete or inaccurate information may attract regulatory action. Further, to allow stakeholders to familiarise themselves with the system, penalties for delayed filing or modification will be applicable only after 30 June 2026.
Forms Introduced for PGIRP Reporting
| Form No. | Period Covered / Scope | Timeline for Filing |
|---|---|---|
| PGIRP-1 | From admission of application under section 94/95 till submission of RP’s report under section 99 | On or before 10th day of the month following submission of the report under section 99 |
| PGIRP-2A | From RP’s report under section 99 till rejection of application under section 100 | On or before 10th day of the month following the rejection order |
| PGIRP-2B | From admission order under section 100 till issuance of public notice under section 102 | On or before 10th day of the month following issuance of public notice |
| PGIRP-3 | From public announcement till submission of report on repayment plan under section 106/112 or filing of application under Regulation 17B | On or before 10th day of the month following submission of the report/application |
| PGIRP-4 | From submission of repayment plan till order of Adjudicating Authority under section 114 | On or before 10th day of the month following the AA order |
| PGIRP-5 | From approval of repayment plan till discharge of the personal guarantor under sections 118(3) or 119(1) | On or before 10th day of the month following the order of discharge or termination |
| PGIRP-6 | Quarterly status report of the resolution process | On or before 10th day of the month following each quarter until closure of the process. |
Additionally, the circular provides transition timelines for ongoing and concluded cases and requires filing of the relevant forms by 31 March 2026 or 30 June 2026, depending on the stage of the process as on the date of the circular.
Link – https://ibbi.gov.in/uploads/legalframwork/f73276817fff35018bb10b0d19fdf023.pdf
