The Insolvency and Bankruptcy Board of India (IBBI) on June 02, 2026, issued the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026, further to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The following has been amended:
• A major amendment requires operational creditors filing applications under Section 9 to submit additional supporting information, including GST returns (GSTR-1 and GSTR-3B), e-way bills where applicable, details of partial payments, assignments of debt, guarantees, pending recovery proceedings, related-party status, and account statements. Similarly, corporate applicants filing voluntary insolvency applications under Section 10 must now provide extensive disclosures covering bank accounts, assets, receivables, creditors, employees, litigations, related-party transactions, statutory compliances, guarantees, regulatory approvals, tax proceedings, attached assets, investigations, and details of homebuyers/allottees.
• The amendment strengthens the duty of promoters, management and other persons covered under Section 19 of the Code to cooperate with the Resolution Professional (RP) and provide information in prescribed formats. Creditors, including banks and statutory authorities, are also required to furnish relevant records and valuation-related information to assist the RP in preparing the information memorandum and conducting the CIRP.
• A new framework has been introduced under Section 28A for the transfer of assets belonging to personal or corporate guarantors that are in possession of creditors. The Committee of Creditors (CoC) may approve inclusion of such assets as part of the corporate debtor's resolution process, subject to disclosures in the information memorandum and resolution plans. Coordination mechanisms have also been established between resolution professionals handling guarantors and principal corporate debtors.
• The amendment replaces several prescribed forms under the CIRP Regulations with formats to be notified separately by IBBI through circulars, providing flexibility to update procedural formats without amending regulations. It also requires RPs to communicate admission or rejection of claims along with reasons within seven days.
• For resolution plans, where multiple plans are under consideration, at least one plan must provide for resolution of the corporate debtor as a going concern. The timeline for submission of the compliance certificate by the RP has been revised, and new filing formats will be prescribed through circulars.
• Another new provision permits restoration of CIRP before a liquidation order is passed, allowing the CoC to seek revival of the resolution process if circumstances warrant. The RP will continue to perform CIRP duties until the Adjudicating Authority decides the restoration application.
[Notification no. - IBBI/2026-27/GN/REG152]
