The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency Resolution Process for Corporate Persons (Third Amendment) Regulations, 2026, introducing extensive changes to the CIRP framework. The amendments require operational creditors filing applications under Section 9 to furnish additional information, including GST records, e-way bills, payment details, guarantees, account statements, related-party disclosures, and details of pending proceedings. Corporate applicants filing under Section 10 must now provide comprehensive information relating to assets, liabilities, creditors, employees, litigation, regulatory compliances, guarantees, related-party transactions, statutory dues, investigations, and other material records.
The regulations strengthen information-sharing obligations by requiring creditors to provide relevant records and asset-related information to resolution professionals. Several prescribed forms have been replaced with formats to be notified by the Board through circulars, and Schedule I containing forms has been omitted. The amendments also introduce provisions relating to transfer of guarantor assets during CIRP, withdrawal of applications, disclosure requirements in information memoranda, restoration of CIRP before liquidation, and dissolution of a corporate debtor where assets are insufficient to cover insolvency and liquidation costs. The regulations came into force upon publication in the Official Gazette.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 1st June, 2026
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026.
F. No. IBBI/2026-27/GN/REG152.— In exercise of the powers conferred by section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:-
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, (hereinafter referred to as ‘the principal regulations’), for regulation 2B, the following regulation shall be substituted, namely:-
“2B. Information to be furnished by operational creditor.
An operational creditor shall furnish the following information along with an application under sub-section (1) of section 9, namely :—
a. copies of relevant extracts of Form GSTR-1 and Form GSTR-3B filed under the provisions of the relevant laws relating to Goods and Services Tax and the copy of e-way bill wherever applicable:
Provided that provisions of this regulation shall not apply to those operational creditors who do not require registration and to those goods and services which are not covered under any law relating to Goods and Services Tax;
b. details of any partial payment received from the corporate debtor in respect of the operational debt and the date of such payment;
c. details of assignment or transfer of the operational debt, if any, along with supporting documents;
d. details of any guarantee provided by the corporate debtor or any other person in respect of the operational debt;
e. a statement of account of the operational creditor with the corporate debtor showing the principal amount and interest, if any, due on such amount;
f. a statement as to whether the operational creditor is a related party of the corporate debtor;
g. details of any other proceedings pending before any court, tribunal or arbitral tribunal against the corporate debtor for the recovery of the operational debt; and
h. any other information which the operational creditor considers relevant to the application.”.
3. In the principal regulations, after regulation 2D, the following regulation shall be inserted, namely: –
“2E. Submission of information by the corporate applicant.
A corporate applicant shall furnish the following information along with an application under sub-section (1) of section 10, namely-
(1) The following information relating to its books of account for the immediately preceding three financial years or since incorporation, whichever is later:
a. list of all bank accounts operated by the corporate debtor, including account numbers, bank names, branches, and authorized signatories;
b. particulars of assets including:
(i) immovable properties – fixed assets register along with asset location;
(ii) movable properties and inventory;
(iii) investments in securities, subsidiaries, or joint ventures;
(iv) intangible assets including intellectual property rights, virtual digital assets; and
(v) list of receivables along with supporting evidence. (2) The corporate applicant shall also furnish the following documents:
(2) details of secured and unsecured creditors with amounts outstanding;
a. list of all creditors with their contact details, email addresses, and complete claim particulars;
b. list of all ongoing litigations, disputes, and arbitration proceedings to which the corporate debtor is a party;
c. list of all employees with their designation and workmen, and their outstanding dues;
d. particulars of subsidiaries, joint ventures, and associate companies;
e. details of corporate guarantees given or received;
f. statement of transactions with related parties for the preceding two financial years;
g. details of all regulatory approvals, licenses, and registrations required for business operations;
h. organization structure and details of key managerial personnel;
i. details of statutory compliances, including filings with the Ministry of Corporate Affairs, income tax, GST, and other applicable regulators;
j. details of joint development agreements and other similar collaboration or co-development arrangements, including rights, obligations, and interests of the corporate debtor arising thereunder;
k. details of assets which are under attachment by enforcement agencies, including particulars of the assets attached, the authority which has attached and the status of such proceedings;
l. details of demand notices, assessment orders or recovery proceedings under the Income-tax Act, 1961, the Central Goods and Services Tax Act, 2017, the Customs Act, 1962, the Central Excise Act, 1944, and analogous State legislations;
m. details of any provident fund, gratuity, employees’ state insurance, or other workmen-related dues outstanding as on the date of the application;
n. details of all proceedings, including criminal proceedings, investigations, prosecutions, or attachments, pending against the corporate debtor or any of its officers, under the Prevention of Money-laundering Act, 2002, the Prohibition of Benami Property Transactions Act, 1988, the Foreign Exchange Management Act, 1999, the Companies Act, 2013, or under any other law for the time being in force, along with status reports thereof;
o. details of all allottees, including their names, amounts due, and units allotted, whose claims are either reflecting in the books of accounts of the corporate debtor or in the records of the Real Estate Regulatory Authority established under the Real Estate (Regulation and Development) Act, 2016 (16 of 2016); and
p. any other information as the corporate applicant considers relevant for the corporate insolvency resolution process.”.
4. In the principal regulations, in regulation 3,
a. sub-regulation (1A) shall be omitted.
after sub-regulation (1), following sub-regulations shall be inserted, namely: –
“(1A) Where the committee of creditors, in its first meeting, resolves under clause (a) of sub-section (3) of section 22 of the Code to appoint the interim resolution professional as the resolution professional, the interim resolution professional shall intimate such decision to the corporate debtor, the Board and the Adjudicating Authority, within three days of the date of such resolution.
(1B) Where the committee decides to replace the interim resolution professional under section 22 or replace the resolution professional under section 27, it shall obtain the written consent of the proposed resolution professional in such form as notified by the Board through circular.”.
5. In the principal regulations, in regulation 3A,
(a) in the marginal heading, for the words and mark, “Assistance and cooperation by the personnel of the corporate debtor.”, the words and mark “Duty to extend assistance and cooperation.” shall be substituted.
(b) in sub-regulation (1),
i. for the words and mark, “the personnel of the corporate debtor, its promoters or any other person associated with the management of the corporate debtor as the case may be”, the words “any person as covered under section 19” shall be substituted.
ii. in clause (a) after the words, “regulation 36”, the words “in such format as notified by the Board” shall be inserted.
(c) in sub-regulation (2), for the words and mark, “The personnel of the corporate debtor, its promoters or any other person associated with the management of the corporate debtor”, the words “Any person as covered under section 19”, shall be substituted.
(d) in sub-regulations (5) and (6), for the words and mark, “the personnel of the corporate debtor, its promoters or any other person associated with the management of the corporate debtor as the case maybe”, the words “any person as covered under section 19”, shall be substituted.
6. In the principal regulations, in regulation 4, for sub-regulation (3), the following sub-regulation shall be substituted, namely: –
“(3) The interim resolution professional or resolution professional, as the case may be, may seek from any creditor including financial institutions and statutory authorities, such information or records as he may deem fit, including the relevant extracts of information in respect of assets and liabilities of the corporate debtor from the last valuation report, stock statement, receivables statement, inspection reports of properties, audit report, stock audit report, title search report, technical officers report, bank account statement and any such other information which shall assist the interim resolution professional or the resolution professional in preparing the information memorandum, getting valuation determined and in conducting the corporate insolvency resolution process and the creditors shall provide the requisite information:
Provided that every creditor shall, at the first meeting of the committee, furnish to the interim resolution professional or resolution professional, as the case may be, all information and records in its possession relating to the assets and liabilities of the corporate debtor, as may be relevant for the conduct of the corporate insolvency resolution process.”.
7. In the principal regulations, in regulation 4A, in sub-regulation (3), for the words and mark “Form AB of the Schedule-I”, the words “such form as notified by the Board through circular” shall be substituted.
8. In the principal regulations, in regulation 6, in sub-regulation (2), in clause (a), for the words and mark “Form A of the Schedule-I”, the words “such form as notified by the Board through circular” shall be substituted.
9. In the principal regulations, in regulation 7, in sub-regulation (1), for the words and mark “Form B of the Schedule-I”, the words “such form as notified by the Board through circular” shall be substituted.
10. In the principal regulations, in regulation 8, in sub-regulation (1), for the words and mark “Form C of the Schedule-I”, the words “such form as notified by the Board through circular” shall be substituted.
11. In the principal regulations, in regulation 8A, in sub-regulation (1), for the words and mark “Form CA of the Schedule-I”, the words and mark “such form as notified by the Board through circular.” shall be substituted.
12. In the principal regulations, in regulation 9,
a. in sub-regulation (1), for the words and mark “Form D of the Schedule-I”, the words “such form as notified by the Board through circular” shall be substituted.
b. in sub-regulation (2), for the words and mark “Form E of the Schedule-I”, the words “such form as notified by the Board through circular” shall be substituted.
13. In the principal regulations, in regulation 9A, in sub-regulation (1), for the words and mark “Form F of the Schedule-I”, the words “such form as notified by the Board through circular” shall be substituted.
14. In the principal regulations, in regulation 13, for sub-regulation (1A), the following sub-regulation shall be substituted, namely: –
“(1A) The interim resolution professional or the resolution professional, as the case may be, after verification of claims, either admit or reject the claim, in whole or in part, and shall communicate his decision of admission or rejection of claims to the creditor along with reasons for the same, within seven days of such admission or rejection of claims.”
15. In the principal regulations, in regulation 16A,
a. in sub-regulation (1), for the words “Form CA received”, the words and mark “such form as notified by the Board through circular, received” shall be substituted.
b. in proviso to sub-regulation (1) –
i. for the words “class in Form CA”, the words “class in such Form”, shall be substituted.
ii. for the words “if the Form CA”, the words “if that Form”, shall be substituted.
16. In the principal regulations, after regulation 28, the following regulations shall be inserted, namely: –
“28A. Transfer of assets of guarantor taken into possession.
(1) In accordance with section 28A, where a creditor of the corporate debtor has, prior to or during the corporate insolvency resolution process, taken possession of any asset of a personal guarantor or corporate guarantor of the corporate debtor, the resolution professional may place the proposal for permitting transfer of such asset as part of its insolvency resolution, before the committee.
(2) The proposal placed before the committee shall contain—
a. a detailed description of the asset; and
b. the estimated realisable value of the asset as determined by the registered valuer appointed by the creditor transferring the asset or as determined during the corporate insolvency resolution process or liquidation process or the insolvency resolution process for personal guarantors to corporate debtor or the bankruptcy process for personal guarantors to corporate debtor, as the case may be; and
c. consent of the creditor for transfer of the asset;
or
the proof of approval of the meeting of creditors or the committee, of the personal guarantor undergoing insolvency resolution process or bankruptcy process, as the case may be, or the corporate guarantor undergoing corporate insolvency resolution process or liquidation process, as the case may be, permitting the transfer of the asset.
(3) Where approval is granted by the committee of the corporate debtor permitting the transfer of such asset as part of its insolvency resolution, the resolution professional shall –
a. ensure that the proposed transfer is disclosed in the information memorandum;
b. specify the particulars of such transfer in the request for resolution plans; and
c. ensure that the terms of the resolution plan provide for treatment of proceeds in the manner provided in sub-section (3) of section 28A.
(4) While considering a resolution plan, the committee shall take into account the value of the asset of the guarantor and the treatment provided in clause (c) of sub-regulation (3) above, for adequately safeguarding the interest of all stakeholders including creditors and guarantors.
28B. Facilitation of transfer of assets.
(1) Where the corporate debtor is a corporate guarantor undergoing a corporate insolvency resolution process, the resolution professional of such corporate debtor which has given the corporate guarantee shall coordinate with the resolution professional of the corporate debtor to whom such guarantee has been given, regarding transfer of assets in the corporate insolvency resolution process of the corporate debtor to whom such guarantee has been given.
(2) For the purposes of section 28A, the resolution professional shall obtain approval from the committee of the corporate debtor which has given the corporate guarantee for the transfer of assets in the corporate insolvency resolution process of the corporate debtor to whom such guarantee has been given.
(3) Where approval is granted by the committee of the corporate debtor as corporate guarantor permitting the transfer, the resolution professional of such corporate debtor shall ensure that the proposed transfer is appropriately disclosed in the information memorandum.”.
17. In the principal regulations, for regulation 30A, the following regulation shall be substituted, namely: –
“ 30A. Withdrawal of application.
(1) An application for withdrawal under section 12A shall be made to the Adjudicating Authority by the resolution professional, within three days of approval by the committee of creditors, in such form as notified by the Board through circular and shall be accompanied by a bank guarantee or a demand draft towards the estimated expenses incurred for the purposes of clauses (aa), (ab), (ac), (ba), (c), (d) and (e) of regulation 31, till the date of filing of the application, as determined by the resolution professional:
Provided that such application shall not be made –
a. before the constitution of the committee under sub-section (1) of section 21; and
b. after the issue of invitation for expression of interest under regulation 36A.
(2) Where the application is approved by the Adjudicating Authority, the person furnishing the bank guarantee or a demand draft under sub-regulation (1) shall deposit the amount towards the actual expenses incurred for the purposes referred to in sub-regulation (1), till the date of approval by the Adjudicating Authority, as determined by the resolution professional within three days of such approval, to the bank account of the corporate debtor, failing which the bank guarantee furnished under sub-regulation (1) shall be invoked or demand draft shall be encashed, without prejudice to any other action permissible under the Code.”.
18. In the principal regulations, in regulation 34B, in sub-regulations (2), (3) and (4), for the word and mark “Schedule-II”, the word and mark “Schedule-I” shall be substituted.
19. In the principal regulations, in regulation 36, in sub-regulation (2), after clause (ja), the following clause shall be inserted, namely: –
“(jb) details of any asset of a personal guarantor or corporate guarantor proposed to be transferred under section 28A, including its description, value and proposed mode of transfer;”.
20. In the principal regulations, in regulation 36A,
a. in sub-regulation (1), for the words and mark “Form G of the Schedule-I”, the words “such form as notified by the Board through circular” shall be substituted.
b. in sub-regulation (2), for the words “Form G”, the words and mark “the form as provided in sub-regulation (1)” shall be substituted.
c. in sub-regulation (3), for the words and mark “Form G in the Schedule-I”, the words and mark “form as provided in sub-regulation (1)” shall be substituted.
21. In the principal regulations, in regulation 39,
a. after sub-regulation (3B), the following sub-regulations shall be inserted, namely: –
“(3C) For the purpose of proviso to sub-section (1) of section 31, the resolution professional shall file the same in a Form as notified by the Board through circular.
(3D) In case of multiple resolution plans, at least one of the resolution plans shall provide for resolution as a going concern.”.
b. in sub-regulation (4),
i. for the word “fifteen”, the word “thirty” shall be substituted.
ii. for the words and mark “Form H of the Schedule-I”, the words “such form as notified by the Board through circular” shall be substituted.
22. In the principal regulations, in regulation 40A, in the table,
a. the row pertaining to “Section 12(A)/ Regulation 30A” shall be omitted.
b. in the row pertaining to “Regulation 36A”, in the column titled “Description of Activity”, for the words “Publish Form G”, the words “Publication of brief particulars of invitation for expression of interest” shall be substituted.
c. in the row pertaining to “Regulation 39(4)”, in the column titled “Latest Timeline”, for the letter and mark “T+165”, the letter and mark “T+150” shall be substituted.
23. In the principal regulations, after regulation 40D, the following regulation shall be inserted, namely: –
“40E. Dissolution of corporate debtor during corporate insolvency resolution process.
(1) Where the committee is satisfied that—
(a) the assets of the corporate debtor are insufficient to meet the insolvency resolution process costs and likely liquidation costs; or
(b) the assets available with the corporate debtor are not capable of being effectively realised in the ordinary course of liquidation;
the committee may, by a vote of not less than sixty-six per cent. of the voting share, resolve to seek dissolution of the corporate debtor.
(2) Upon passing of the resolution under sub-regulation (1), the resolution professional shall, within ten days, intimate the Adjudicating Authority of the decision of the committee by filing an application enclosing—
a. a copy of the resolution passed by the committee;
b. details of assets of the corporate debtor, including movable, immovable, financial and intangible assets;
c. details of claims, avoidance transactions and contingent assets, if any; and
d. a statement demonstrating that continuation of the corporate insolvency resolution process or commencement of liquidation would not be economically beneficial for the stakeholders, having regard to the factors considered by the committee of creditors under sub-regulation (1).”
24. In the principal regulations, after regulation 40E so inserted, the following shall be inserted, namely: –
“40F. Restoration of corporate insolvency resolution process.
(1) For the purpose of sub-section (1A) of section 33, the committee shall be given an opportunity to file an application for restoration of the corporate insolvency resolution process before the passing of the liquidation order by the Adjudicating Authority.
Clarification: It is clarified that the resolution professional shall continue to discharge his responsibilities under the corporate insolvency resolution process, till the application for restoration is decided by the Adjudicating Authority.
(2) Where the committee decides for filing under sub-regulation (1), the resolution professional shall file an application before the Adjudicating Authority for restoration of the corporate insolvency resolution process.
(3) The application under sub-regulation (2) shall be accompanied by—
a. a certified copy of the resolution of the committee of creditors approving restoration;
b. a brief note setting out the reasons for seeking restoration; and
c. a proposed timeline for completion of the restored corporate insolvency resolution process.”.
25. In the principal regulations,
a. “SCHEDULE I” shall be omitted.
b. “SCHEDULE II” shall be numbered as “SCHEDULE I”.
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./141/2026-27]
Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published vide notification No. IBBI/2016- 17/GN/REG004, dated 30th November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2026 published vide notification No. IBBI/2026-27/GN/REG141, dated the 19th May, 2026 in the Gazette of India, Extraordinary, Part III, Section 4, No. 328 on 20th May, 2026.
