valid as on 27/07/2021

2.16.3. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

3. Definitions.

In these regulations, unless the context otherwise requires, –

(a) “associate” in relation to a creditor, a resolution professional or professionals engaged by resolution professional, as the case may be, shall have the same meaning as assigned to it in relation to a debtor in sub-section (2) of section 79;

(b) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);

(c) “corporate debtor” means a corporate person for whom the guarantor has given a personal guarantee;

(d) “electronic means” means an authorised 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 regulations;

(f) “participant” means a person entitled to attend a meeting of creditors and includes a creditor, the guarantor, the resolution professional, and any other person authorised through a resolution by creditors to attend such meeting;

(g) “resolution process” means the insolvency resolution process of a guarantor;

(h) “resolution process commencement date” means the date of admission of an application under section 100;

(i) “resolution process costs” shall mean-

(i) fees payable to the resolution professional;

(ii) expenses incurred on and by the resolution professional for carrying out the resolution process, including the fee of professionals engaged, if any;

(iii) finances raised for the resolution process, and costs incurred in raising such finances; and

(iv) such other costs directly relatable to the resolution process, to the extent approved or ratified by the creditors;

(j) “section” means section of the Code;

(k) words and expressions used and not defined in these regulations but defined in the Code and the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 shall have the respective meanings assigned to them in the Code and the said rules.


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