The Insolvency and Bankruptcy Board of India (IBBI), on December 22, 2025, notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Seventh Amendment) Regulations, 2025, in exercise of powers under Sections 196 and 240 of the Insolvency and Bankruptcy Code, 2016.
The amendment inserts a new Regulation 38(3A) in the CIRP Regulations, 2016, mandating enhanced disclosures in every resolution plan. Resolution applicants are now required to submit a statement of beneficial ownership, in a format to be notified by IBBI, detailing all natural persons who ultimately own or control the resolution applicant, along with the shareholding structure and jurisdiction of each intermediate entity.
Additionally, every resolution plan must include an affidavit regarding eligibility under Section 32A of the IBC, in a format specified by the Board. These changes aim to strengthen transparency, traceability of ownership, and regulatory scrutiny in the corporate insolvency resolution process, thereby improving the integrity of resolution plans.
[F. No. IBBI/2025-26/GN/REG133]
