IBBI Introduces Electronic Forms To Monitor Insolvency Processes Of Personal Guarantors

The Insolvency and Bankruptcy Board of India (IBBI) on March 6, 2026, introduced a set of electronic forms to monitor insolvency resolution processes involving personal guarantors to corporate debtors under the Insolvency and Bankruptcy Code, 2016.

As per the circular, resolution professionals currently submit periodic updates regarding such processes through emails which, the Board noted is “time-consuming and inefficient”. To address this, the IBBI has developed a set of electronic forms which, according to the Board, will facilitate systematic and transparent record-keeping and seamless reporting.

'The key benefits of these forms include allowing resolution professionals to easily access and submit forms online, reducing delays and improving efficiency and minimizing the likelihood of errors and omissions, ensuring more accurate and reliable information.” the Board said

The forms, PGIRP-1 to PGIRP-6, will collect information at different stages of the insolvency process, including admission of the application, public announcement, submission and approval of repayment plans and quarterly progress reports.

The forms are available on the Board's official website. Resolution professionals will be required to access the platform using a unique username and password and submit the forms along with relevant information and records after affixing a digital signature or e-sign.

The Board clarified that filing accurate and timely information is the sole responsibility of the insolvency professional.

The circular also states that failure to file the forms or submission of incomplete or inaccurate information may attract regulatory action under the Code.