The bankruptcy regulator on Thursday extended the timeline for insolvency professionals by three months through September 30 to file forms electronically for the monitoring of resolution processes involving guarantors who have offered personal surety for corporate debtors.

The Insolvency and Bankruptcy Board of India (IBBI) had mandated the filing on its platform between March 31 and June 30, depending on the stage of the resolution process pertaining to personal guarantors. Failure to do so would attract penalties, it had then said.

The extension is granted after representations by insolvency professionals (IPs) and IP agencies for relief, the regulator said in a circular. They had cited technicalities, difficulties, and the transitional time required to familiarize themselves with the electronic platform and submission of the forms, it added.

Accordingly, penalties will now be levied for filing only after September 30.

Provisions relating to insolvency resolution relating to personal guarantors to stressed firms came into force from December 1, 2019. As many as 4,941 applications have since been filed as of March 2026 for the initiation of personal insolvency resolution process involving such guarantors, showed the IBBI data. Of these, 885 applications have been filed by debtors themselves and 4,056 by creditors.

In the circular on Thursday, the regulator has also flagged incorrect or incomplete information submitted by IPs through the electronic forms filed with it. For instance, some of them have entered zero values across mandatory fields just to complete the submission.

“In this regard, it is strictly directed that IPs shall ensure all information submitted via the PGIRP forms is accurate, truthful, and entirely consistent with the supporting documents attached thereto,” it said. Timely and precise filing remains the IP’s responsibility, it added.