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

6. Debt counselling.

Debt counselling in relation to resolution process may be provided to a guarantor by such person as may be recognised by the Board or the Central Government, as the case may be.

(1) For the purposes of sections 94 and 95, along with the application for initiating the insolvency resolution process to be submitted to the Adjudicating Authority, a complete and true statement of all assets including the following, with supporting evidence, shall also be submitted:

(a) Cash and Bank Deposits-Cash in hand; balances in savings or current accounts; fixed deposits; recurring deposits; post office savings instruments; and balances held in digital wallets or similar instruments.

(b) Business Interests and Commercial Assets-Any ownership, whether sole or joint, in a proprietorship, partnership, limited liability partnership, or company, including all associated assets such as inventory, plant and machinery, tools of trade, professional equipment, and goodwill.

(c) Investments (Domestic and Overseas)-Investments in shares, debentures, bonds, mutual funds, government securities, and any other financial instruments, including investments made outside India such as foreign bank accounts, securities, and immovable properties.

(d) Immovable Property -All rights, title, or interest in immovable property, including residential, commercial, or industrial property, agricultural land, and leasehold or freehold interests.

(e) Retirement and Provident Fund Assets -Balances or entitlements in provident funds, pension funds, gratuity, superannuation funds, and any other retirement benefit schemes.

(f) Digital Assets– Cryptocurrencies, virtual digital assets, non-fungible tokens, digital tokens, and domain names or other digital properties having commercial value.

(g) Intellectual Property and Intangible Assets-Patents, trademarks, copyrights, licences, franchises, brand value, goodwill, royalty rights, and any other intangible assets.

(h) Valuable Movable Assets– Jewellery, precious metals and stones, works of art, antiques, collectibles, watches, and high-value electronic or personal assets.

(i) Agricultural Assets and Livestock-Agricultural produce, livestock, and related agricultural equipment.

(j) Receivables and Advances-Trade receivables, loans and advances given, tax refunds due, security deposits, salary arrears, and any other sums receivable.

(k) Claims and Contingent Assets-Claims under litigation or arbitration, insurance claims, expected inheritances, and beneficial interests under trusts or similar arrangements.

(l) ESOPs and Beneficial Ownership Interests-Employee stock options (ESOPs) (whether vested or unvested), securities or assets held through nominees, and any beneficial interest in any entity, trust, or arrangement.

Provided that for the purposes of an application under section 95, the creditor shall file information relating to the assets of the individual to the extent available with the creditor.

(2) The statement of assets shall mandatorily include:

(a) assets owned directly or indirectly, whether in the name of the individual or otherwise;
(b) assets held individually or jointly with any other person;
(c) assets held in a fiduciary capacity, including as trustee, guardian, executor, or partner;
(d) assets held through beneficial ownership structures, including through nominees, trusts, partnerships, companies, Hindu Undivided Families, or any other arrangement conferring beneficial interest or control; and
(e) any asset over which the individual exercises control, influence, or derives economic benefit, irrespective of legal title.