IPs Proposed to Be Appointed as RP Shall Also Provide Particulars of & Declaration Under IRP PGCD Rules | IBBI
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- Last Updated on 23 December, 2023
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Circular No. No. IBBI/II/62/2023, Dated 21.12.2023
Section 95 of the IBC, 2013 read with I &B (Application to AA for IRP for Personal Guarantors to CDs) Rules, 2019 allows the creditor to file an application for initiation of IRP of personal guarantors to CDs. In certain cases, the creditor may file the application itself recommending the name of the IP to be appointed as RP.
The RBI clarified that in certain cases, the creditor may file the application itself recommending the name of the insolvency professional to be appointed as RP. It is hereby clarified that in such cases, the insolvency professional proposed to be appointed as RP shall also provide the particulars of and declaration in Part IV of Form C of the IRP PGCD Rules to the creditor for the consideration of the AA.
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