The Insolvency and Bankruptcy Board of India (IBBI) on April 15, 2026, issued Discussion Paper on amendments to IBBI (Pre-Packaged Insolvency Resolution Process) Regulations, 2021.
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 revises the procedural framework for initiating the Pre-Packaged Insolvency Resolution Process (PPIRP). It replaces the earlier detailed list of mandatory documents under section 54C(3) with a flexible provision requiring applicants to submit “such information as may be specified.” This shift allows the Insolvency and Bankruptcy Board of India (IBBI) to determine documentation requirements dynamically based on evolving implementation needs.
To align with this change, the specific documentation requirements are proposed to be moved from the Act to the IBBI (PPIRP) Regulations, 2021, particularly under regulation 18. Additionally, the requirement for submitting a declaration on avoidance transactions at the initiation stage is proposed to be removed, as it has been found burdensome—especially for MSMEs—while safeguards remain through the Resolution Professional and Committee of Creditors (CoC).
Further, procedural forms will now be notified through circulars instead of being embedded in regulations, allowing greater flexibility without altering substantive provisions. The IBBI has invited public comments on these proposed amendments and draft regulations, with the deadline set as April 28, 2026.
