Section 17(1) in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019
(1)The repayment plan shall provide the following -(a)the term of the repayment plan and its implementation schedule, including the amounts to be repaid and dates of repayment to creditors;(b)the source of funds that will be used to pay resolution process costs and that such payment shall be made in priority over any creditor;(c)a minimum budget for the duration of the repayment plan, to cover the reasonable expenses of the guarantor and members of his immediate family to the extent they are dependent on him, provided that at least ten percent of the realizable income of the guarantor shall be utilized for repayment of debts;(d)financing required for implementation of the repayment plan;(e)if the guarantor has any business, the manner in which it is proposed to be conducted during the course of the repayment plan, and the role of the resolution professional;(f)the manner in which funds held for the purposes of the repayment plan, invested or otherwise dealt with, pending repayment to creditors;(g)the functions which are to be undertaken by the resolution professional, including supervision and implementation of the repayment plan;(h)variation of onerous terms of a contract or transaction involving the guarantor;(i)the details of excluded assets and excluded debts of the guarantor; and(j)terms and conditions for the discharge of the guarantor.
