Section 20(2) in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019
(2)If the guarantor, within the period specified under sub-regulation (1), -(a)addresses the failure in implementation of the repayment plan; or(b)provides a satisfactory explanation for such failure, the resolution professional shall report the failure to creditors within seven days of the date of failure addressed or explanation provided for such failure.
