{"id":33394,"date":"2026-10-16T01:17:46","date_gmt":"2026-10-15T19:47:46","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=33394"},"modified":"2026-10-16T01:35:01","modified_gmt":"2026-10-15T20:05:01","slug":"four-key-ibbi-circulars-every-insolvency-professional-must-know","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/","title":{"rendered":"Four Key IBBI Circulars Every Insolvency Professional Must Know"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6ad14d35197a0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6ad14d35197a0\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#One_Deadline_Relaxed_Another_Tightened_Four_Key_IBBI_Circulars_Every_Insolvency_Professional_Must_Know\" >One Deadline Relaxed, Another Tightened: Four Key IBBI Circulars Every Insolvency Professional Must Know<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#Key_IBBI_Circulars_Every_IP_Professional_Must_Know_September_2026\" >Key IBBI Circulars Every IP Professional Must Know (September 2026)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#The_Big_Picture_What_Has_Changed\" >The Big Picture: What Has Changed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#Personal_Guarantors_Lose_Interim_Moratorium_Protection\" >Personal Guarantors Lose Interim Moratorium Protection<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#Courts_Have_Clarified_the_Position\" >Courts Have Clarified the Position<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#Practical_Impact_of_Personal_Guarantors_Lose_Interim_Moratorium_Protection\" >Practical Impact of Personal Guarantors Lose Interim Moratorium Protection<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#Key_Consequences_Late_Fee_Now_Applies_to_Delayed_Liquidation_Forms\" >Key Consequences Late Fee Now Applies to Delayed Liquidation Forms :<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#IBBI_Tightens_Vigilance_Against_Misuse_of_the_IBC_Framework\" >IBBI Tightens Vigilance Against Misuse of the IBC Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#Six_Red_Flags_Insolvency_Professionals_Must_Monitor\" >Six Red Flags Insolvency Professionals Must Monitor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#Obligations_of_Insolvency_Professionals\" >Obligations of Insolvency Professionals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#Important_Dates_to_Remember\" >Important Dates to Remember<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/four-key-ibbi-circulars-every-insolvency-professional-must-know\/#Action_Checklist_for_Insolvency_Professionals\" >Action Checklist for Insolvency Professionals<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-33395\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/10\/Screenshot-2026-10-16-011542.png\" alt=\"Personal Guarantor Insolvency\" width=\"875\" height=\"661\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/10\/Screenshot-2026-10-16-011542.png 564w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/10\/Screenshot-2026-10-16-011542-300x227.png 300w\" sizes=\"auto, (max-width: 875px) 100vw, 875px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"One_Deadline_Relaxed_Another_Tightened_Four_Key_IBBI_Circulars_Every_Insolvency_Professional_Must_Know\"><\/span><span style=\"color: #000080;\"><strong>One Deadline Relaxed, Another Tightened: Four Key IBBI Circulars Every Insolvency Professional Must Know<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Insolvency and Bankruptcy Board of India (IBBI) has issued a series of important circulars in September 2026 that significantly impact insolvency professionals, lenders, liquidators, and personal guarantors. While one compliance deadline has been extended, another has become more stringent with the introduction of late filing fees. At the same time, landmark legal clarifications have reshaped the position of personal guarantors, and enhanced scrutiny has been mandated to prevent misuse of the IBC framework. Let&#8217;s decode the practical implications of Circulars 105, 106, 107, and 108.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_IBBI_Circulars_Every_IP_Professional_Must_Know_September_2026\"><\/span><span style=\"color: #000080;\"><strong>Key IBBI Circulars Every IP Professional Must Know (September 2026)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"The_Big_Picture_What_Has_Changed\"><\/span><span style=\"color: #000080;\"><strong>The Big Picture: What Has Changed?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Three major developments now define the regulatory landscape PGIRP filing deadline extended to 31 December 2026, Late fee introduced for delayed liquidation forms, Interim moratorium no longer protects personal guarantors to corporate debtors and Stricter due diligence required to identify misuse of the IBC process.<\/p>\n<p>The IBBI&#8217;s September 2026 circulars bring a mixed compliance message: more time for PGIRP filings, stricter penalties for liquidation reporting, withdrawal of interim moratorium protection for personal guarantors, and enhanced scrutiny of potential misuse of the IBC framework. For Insolvency Professionals (IPs), liquidators, lenders, and personal guarantors, these changes require immediate attention.<\/p>\n<p>For Insolvency Professionals (IPs), these changes require immediate review of ongoing assignments and compliance calendars.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Personal_Guarantors_Lose_Interim_Moratorium_Protection\"><\/span><strong><span style=\"color: #000080;\"> Personal Guarantors Lose Interim Moratorium Protection<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Circular IBBI\/II\/106\/2026 : Date: 21 September 2026 One of the most significant developments stems from the Insolvency and Bankruptcy Code (Amendment) Act, 2026, which inserted sub-sections (4) into Sections 96 and 124 of the IBC. With effect from 26 May 2026, the interim moratorium under Sections 96 and 124 no longer applies to personal guarantors of corporate debtors. This means that merely filing an application under Section 95 no longer prevents creditors from pursuing recovery actions against personal guarantors.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Courts_Have_Clarified_the_Position\"><\/span><span style=\"color: #000080;\"><strong>Courts Have Clarified the Position<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Bombay High Court : In Tata Capital Financial Services Ltd. v. Neel Motors LLP &amp; Others (24 July 2026), the Court held that The expression &#8220;is filed&#8221; includes applications already filed and pending, The amendment applies to pending matters. And Moratorium protection ceased from 26 May 2026.<\/li>\n<li>Delhi High Court : In IDBI Trusteeship Services Ltd. v. Manish Jain &amp; Others (19 August 2026), the Court observed that Section 96(4) is retroactive in nature. Even pending applications are covered by the amendment. And Personal guarantors cannot claim interim moratorium benefits merely because proceedings were initiated before the amendment.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Practical_Impact_of_Personal_Guarantors_Lose_Interim_Moratorium_Protection\"><\/span><strong>Practical Impact of Personal Guarantors Lose Interim Moratorium Protection<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>For professionals handling personal guarantor insolvency matters: Immediate Actions<\/p>\n<ul>\n<li>Review every PGIRP matter pending on 26 May 2026.<\/li>\n<li>Reassess creditor recovery actions that were previously stayed.<\/li>\n<li>Advise lenders regarding enforcement remedies now available.<\/li>\n<li>Verify the effective date with the Gazette notification whenever required.<\/li>\n<\/ul>\n<p>Many creditors may have delayed recovery actions assuming the interim moratorium remained operative. This circular clarifies that such protection ceased from 26 May 2026 itself.<\/p>\n<ol start=\"2\">\n<li><strong> PGIRP Forms Deadline Extended Till 31 December 2026<\/strong><\/li>\n<\/ol>\n<p>Circular IBBI\/II\/108\/2026 ; Date: 24 September 2026 : The IBBI has granted further relief regarding electronic filing of Personal Guarantor Insolvency Resolution Process forms. Timeline of Extensions<\/p>\n<ul>\n<li>Circular IBBI\/II\/92\/2026 (6 March 2026) : Introduced mandatory filing of PGIRP-1 to PGIRP-6 forms.<\/li>\n<li>IBBI Circular IBBI\/II\/104\/2026 (9 July 2026) : Extended filing deadline to 30 September 2026.<\/li>\n<li>Circular IBBI\/II\/108\/2026 (24 September 2026) : Deadline further extended to 31 December 2026. Penalties deferred until after this date.<\/li>\n<\/ul>\n<p><strong>What This Means<\/strong><\/p>\n<ul>\n<li><strong>Relief for Stakeholders : <\/strong>The extension acknowledges Technical implementation challenges, Transitional issues faced by Insolvency Professionals. And Operational feedback received from stakeholders.<\/li>\n<li><strong>Important Note : <\/strong>Although penalties are deferred, professionals should not postpone filings unnecessarily. Use this period to File pending PGIRP forms, Rectify incorrect submissions, Reconcile historical records. And Train compliance teams on portal requirements. In case any Technical issues can be reported to: <strong><a href=\"mailto:support.form@ibbi.gov.in\">form@ibbi.gov.in<\/a>. <\/strong>FAQs are available on the IBBI website.<\/li>\n<\/ul>\n<ol>\n<li><strong>Late Fee Now Applies to Delayed Liquidation Forms : <\/strong><\/li>\n<\/ol>\n<p>IBBI Circular <span style=\"background-color: rgba(220, 38, 38, 0.12);\"><u>IBBI\/LIQ\/107\/2026:<\/u><\/span>\u00a0Date: 24 September 2026 While PGIRP filings received an extension, liquidation filings did not. Instead, the Board has activated the late filing fee mechanism under Regulation 47B of the Liquidation Process Regulations. The following are the new fee structures mentioned below:<\/p>\n<table width=\"640\">\n<tbody>\n<tr>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>Details<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Late Filing Fee<\/td>\n<td>INR 500 + GST per month<\/td>\n<\/tr>\n<tr>\n<td>Applicable On<\/td>\n<td>Delayed filing, correction, updation<\/td>\n<\/tr>\n<tr>\n<td>Applies To<\/td>\n<td>Forms due on or before 30 September 2026<\/td>\n<\/tr>\n<tr>\n<td>Effective Status<\/td>\n<td>Already in force<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Consequences_Late_Fee_Now_Applies_to_Delayed_Liquidation_Forms\"><\/span><span style=\"color: #000080;\"><strong>Key Consequences Late Fee Now Applies to Delayed Liquidation Forms : <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every liquidation form filed late, Corrected after the due date, and Updated after the due date, will attract a fee of INR 500 plus applicable GST for each month of delay. Liquidators should review all pending filings immediately, Clear backlog submissions without delay, \u00a0Budget for inevitable corrections and Maintain a filing tracker to avoid recurring costs. Unlike PGIRP compliance, there is no extension available here. Every additional month increases the compliance cost.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"IBBI_Tightens_Vigilance_Against_Misuse_of_the_IBC_Framework\"><\/span><span style=\"color: #000080;\"><strong>IBBI Tightens Vigilance Against Misuse of the IBC Framework<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Circular IBBI\/CIRP\/105\/2026 : Date: 9 September 2026 : IBBI has expressed concern that insolvency proceedings may occasionally be used for purposes unrelated to genuine insolvency resolution. Examples cited include Reduction of tax liabilities, Avoidance of regulatory scrutiny, Shielding assets, Circumventing investigations and Strategic mergers or closures<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Six_Red_Flags_Insolvency_Professionals_Must_Monitor\"><\/span><span style=\"color: #000080;\"><strong>Six Red Flags Insolvency Professionals Must Monitor<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li><strong> Single Dominant Creditor<\/strong><\/li>\n<\/ol>\n<ul>\n<li>Debt assigned shortly before CIRP.<\/li>\n<li>One creditor controls the CoC.<\/li>\n<\/ul>\n<ol start=\"2\">\n<li><strong> Clustered Insolvency Filings<\/strong><\/li>\n<\/ol>\n<ul>\n<li>Common promoters.<\/li>\n<li>Common addresses.<\/li>\n<li>Connected entities entering CIRP simultaneously.<\/li>\n<\/ul>\n<ol start=\"3\">\n<li><strong> Lack of Competitive Participation<\/strong><\/li>\n<\/ol>\n<ul>\n<li>Limited bidder interest.<\/li>\n<li>Same resolution applicant appearing repeatedly.<\/li>\n<\/ul>\n<ol start=\"4\">\n<li><strong> Disproportionately Low Realisation<\/strong><\/li>\n<\/ol>\n<ul>\n<li>Recoveries significantly lower than admitted claims.<\/li>\n<li>Weak valuation support.<\/li>\n<\/ul>\n<ol start=\"5\">\n<li><strong> Existing Fraud Proceedings<\/strong><\/li>\n<\/ol>\n<ul>\n<li>Entity linked to investigations by regulators or enforcement agencies.<\/li>\n<\/ul>\n<ol start=\"6\">\n<li><strong> Suspicious Related-Party Transactions<\/strong><\/li>\n<\/ol>\n<ul>\n<li>Large related-party loans or advances.<\/li>\n<li>No genuine business operations.<\/li>\n<li>Assets written off without sufficient rationale.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Obligations_of_Insolvency_Professionals\"><\/span><span style=\"color: #000080;\"><strong>Obligations of Insolvency Professionals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If an IP concludes, based on reasonable grounds, that a CIRP or liquidation process may be serving a fraudulent or malicious purpose, the IP must Conduct further examination, Document findings, Present evidence and Approach the Adjudicating Authority for appropriate directions. The responsibility is no longer passive observation. Active assessment is now expected.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Important_Dates_to_Remember\"><\/span><span style=\"color: #000080;\"><strong>Important Dates to Remember<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"815\">\n<tbody>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Event<\/strong><\/td>\n<td><strong>Status<\/strong><\/td>\n<\/tr>\n<tr>\n<td>26 May 2026<\/td>\n<td>Interim moratorium ceases for personal guarantors<\/td>\n<td>Effective<\/td>\n<\/tr>\n<tr>\n<td>9 September 2026<\/td>\n<td>Misuse-screening circular applicable<\/td>\n<td>Effective<\/td>\n<\/tr>\n<tr>\n<td>30 September 2026<\/td>\n<td>Liquidation forms due<\/td>\n<td>Late fee applicable thereafter<\/td>\n<\/tr>\n<tr>\n<td>31 December 2026<\/td>\n<td>PGIRP filing deadline<\/td>\n<td>Extended<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Action_Checklist_for_Insolvency_Professionals\"><\/span><span style=\"color: #000080;\"><strong>Action Checklist for Insolvency Professionals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Review Pending PG Matters: Determine whether any proceedings relied on interim moratorium protection that ceased on 26 May 2026.<\/li>\n<li>Clear Liquidation Filing Backlogs: Avoid accumulation of monthly late fees.<\/li>\n<li>Complete PGIRP Filings: Use the extended deadline wisely and rectify previously filed forms.<\/li>\n<li>Implement the Six-Indicator Screening Framework: Maintain documentation even where no red flags are identified.<\/li>\n<li>Educate Stakeholders: Lenders, CoC members, personal guarantors, and clients should be informed of these developments and their practical implications.<\/li>\n<\/ul>\n<p><strong>Final Thoughts<\/strong><\/p>\n<ul>\n<li>September 2026 has brought a mixed regulatory message from the IBBI: greater compliance flexibility in PGIRP filings, stricter enforcement in liquidation reporting, and enhanced accountability in insolvency proceedings.<\/li>\n<li>The most impactful change remains the cessation of interim moratorium protection for personal guarantors from 26 May 2026, a development that could materially alter recovery strategies and ongoing litigation.<\/li>\n<li>For insolvency professionals, the focus now should be on timely filings, careful due diligence, robust documentation, and proactive stakeholder communication to remain fully compliant with the evolving insolvency framework.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One Deadline Relaxed, Another Tightened: Four Key IBBI Circulars Every Insolvency Professional Must Know The Insolvency and Bankruptcy Board of India (IBBI) has issued a series of important circulars in September 2026 that significantly impact insolvency professionals, lenders, liquidators, and personal guarantors. While one compliance deadline has been extended, another has become more stringent with &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10012],"tags":[10589],"class_list":["post-33394","post","type-post","status-publish","format-standard","hentry","category-ibc-laws","tag-every-insolvency-professional-must-know"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"PGIRP Forms Deadline Extension, Personal Guarantor Insolvency, Interim Moratorium PG, Liquidation Forms Late Fee, IP IBBI Compliance, Liquidation Compliance\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Rajput Jain &amp; Associates\"\/>\n\t<meta name=\"keywords\" content=\"every insolvency professional must know,ibc laws\" \/>\n\t<link 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