The Insolvency and Bankruptcy Board of India (IBBI) has granted debt resolution professionals an additional three months to report personal guarantors' insolvency cases, extending the deadline to December 31, 2026. According to an official order dated September 24, the extension addresses practical difficulties faced by stakeholders and the transitional time required for compliance. This marks the second extension after professionals sought more time to meet the regulatory requirements, with the first extension set to expire on Wednesday.
IBBI had previously mandated filing of electronic forms on its e-platform for monitoring debt resolution of personal guarantors to companies in March 2026. The regulator issued a circular on March 6 mandating online filing of six electronic forms (PGIRP-1 to PGIRP-6) on its portal by insolvency professionals to monitor the debt resolution of personal guarantors to corporate debtors. The forms require submission of details capturing the entire spectrum of such cases, including amount guaranteed, admitted claims, repayment plans and order of the adjudicating authority. Until then, professionals were sending periodic updates on such cases to the IBBI by email, which the regulator described as "time-consuming and inefficient."
IBBI has commenced the levy of ₹500 per liquidation Form for each calendar month of delay, plus applicable GST, for Forms due on or before September 30, 2026 and filed after their due date under Regulation 47B. As per the latest circular dated September 24, 2026, this fee applies to liquidation Forms that were due on or before September 30, 2026 and are submitted after their due date, including filings made through correction or updation. The fee is linked to the number of Forms and the period of delay, with the circular expressly stating that it is not a single flat charge covering all delayed Forms.
Through a separate order, IBBI has introduced a ₹500 fee per month with applicable GST for delayed filing of liquidation forms to strengthen compliance discipline. The new fee structure applies specifically to LIQ-1, LIQ-2, LIQ-3 and LIQ-4 forms under Regulation 47B, each with their own prescribed timelines. As reported by Nexdigm, the fee applies to forms submitted late due to correction or updation, emphasizing that compliance extends beyond initial submission. This follows IBBI's notification of fees for delayed filing of corporate debt resolution forms in December 2025, demonstrating the regulator's commitment to enforcing timely compliance across all insolvency proceedings.
According to IBBI data, 5,186 applications for personal guarantor insolvency were filed as of June 2026, with 971 by debtors themselves and 4,215 by creditors. Of these, only 64 had obtained approval for a repayment plan, while creditors realised almost ₹235 crore, or just 1% of their admitted claims. The new electronic system will enable IBBI to monitor case progress better, track stays by courts, delays and reasons for non-submission of repayment plans. The regulator's move preceded the latest amendment to the IBC in April, which led to scrapping of the automatic interim moratorium protection for personal guarantors from May 26, 2026, meaning lenders could continue recovery proceedings even while insolvency applications are pending.
