Form G Expression explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
The resolution professional issues Form G by way of public announcement to invite applications for a resolution plan, under Regulation 36A(1). It must provide information about the evaluation matrix, which outlines the criteria for evaluating resolution plans under Regulation 36B.
Form G — the invitation
The RP issues Form G by way of public announcement for inviting applications for a resolution plan. The form should provide information about the Evaluation Matrix, which outlines the criteria for evaluating resolution plans as per Regulation 36B.
A prospective applicant deciding whether to engage needs to know how a plan will be judged. Publishing the evaluation matrix in Form G means applicants self-select against the actual criteria rather than against assumptions.
It also constrains the process later. Criteria disclosed at the invitation stage are the criteria against which plans are evaluated, which is what makes the CoC's assessment defensible on appeal — where material irregularity in the exercise of the RP's powers is one of the specified grounds.
The Request for Resolution Plan
The RFRP must be issued to all prospective resolution applicants in the provisional list and should include:
- necessary details for preparing the resolution plan;
- eligibility criteria as per Section 25(2)(h);
- ineligibility criteria as per Section 29A; and
- various dates for evaluating expressions of interest received.
Eligibility and ineligibility are different tests
| Section 25(2)(h) | Section 29A | |
|---|---|---|
| Nature | Eligibility criteria specified for the particular process | Statutory ineligibility applying to every resolution applicant |
| Set by | The RP, with CoC approval | The Code itself |
| Varies by case | Yes — turnover, net worth, sector experience | No |
| Effect | Filters who may submit a plan in this process | Disqualifies absolutely |
Both must be stated in the RFRP. An applicant may satisfy the RP's eligibility criteria and still be barred by Section 29A, and the undertaking of no Section 29A ineligibility also appears in liquidation auction notices.
What the resolution plan must eventually contain
The RP prepares an information memorandum containing information for preparing a resolution plan, and provides a resolution applicant access to the financial position of the corporate debtor, information required for the plan, and other matters pertaining to the corporate debtor.
A resolution plan must include a statement as to how it has dealt with the interests of all stakeholders, including financial and operational creditors. Where multiple plans are received, new Regulation 39(3D) requires that at least one plan provide for resolution as a going concern.
How the CoC must record its assessment
Amended Regulation 39(3)(b) requires the CoC to record its deliberations on:
- feasibility, viability and expected recovery vis-à-vis fair and liquidation values; and
- adequacy of market discovery — including whether a challenge process or re-invitation of plans was conducted.
"Adequacy of market discovery" reaches directly back to Form G. Whether the invitation was widely published, whether the evaluation matrix was disclosed, and whether plans were re-invited are the facts on which that deliberation is recorded.
Practical sequence
A Form G expression of interest process runs in a fixed order, and a Form G expression of interest issued out of that order is difficult to defend later.
- Settle the evaluation matrix under Regulation 36B with the CoC.
- Issue Form G carrying that matrix.
- Compile the provisional list of prospective resolution applicants.
- Issue the RFRP to every applicant on the provisional list, with eligibility, ineligibility and dates.
- Provide information memorandum access.
- Receive plans, ensuring at least one going-concern plan where multiple plans are received.
- Record CoC deliberations on feasibility, viability, recovery and market discovery.
Compliance checklist
- Include the evaluation matrix in Form G.
- Issue the RFRP to every applicant on the provisional list.
- State both Section 25(2)(h) and Section 29A criteria.
- Give dates for evaluating EOIs.
- Ensure one going-concern plan where multiple plans are received.
- Record the market discovery deliberation.
Common mistakes
- Publishing Form G without the evaluation matrix.
- Treating Section 29A as satisfied by meeting the RP's eligibility criteria.
- Issuing the RFRP selectively rather than to the whole provisional list.
- Leaving market discovery undocumented in the CoC minutes.