The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2026, effective from the date of publication in the Official Gazette. The amendments omit clause (g) of Regulation 2 and replace references to Form A and Form B with “such form as notified by the Board through circular.” Regulation 10 has been amended to include a reference to Section 164A. A new Regulation 20A has been inserted to facilitate transfer of assets where a personal guarantor is undergoing bankruptcy proceedings. It requires coordination between the bankruptcy trustee of the personal guarantor and the resolution professional of the corporate debtor for purposes of Section 28A. The trustee must obtain approval from the committee of creditors before any transfer of assets and ensure appropriate disclosures. The amendment also omits Form A and Form B, shifting procedural requirements to forms notified separately by the Board.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 1st June, 2026
Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2026
F. No. IBBI/2026-27/GN/REG150.— In exercise of the powers conferred by clause (t) of sub-section (1) of 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 (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, namely: –
(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2026.
(2) They shall come into force on the date of publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, (hereinafter referred to as ‘the principal regulations’), in regulation 2, clause (g) shall be omitted.
3. In the principal regulations, in regulation 3, in sub-regulation (3), for the word “Form A”, the words “such form as notified by the Board through circular” shall be substituted.
4. In the principal regulations, in regulation 10, in sub-regulation (3), in clause (h), after words, numerical and mark “section 164,”; the alphanumerical “164A, ” shall be inserted.
5. In the principal regulations, after regulation 20, the following regulation shall be inserted, namely:-
“20A. Facilitation of transfer of assets.
1. Where the debtor is a personal guarantor who is undergoing a bankruptcy process, the bankruptcy trustee of such debtor who has given the personal guarantee shall coordinate with the resolution professional of the corporate debtor in respect of whom such guarantee has been given, regarding transfer of assets in the corporate insolvency resolution process of the corporate debtor in respect of whom such guarantee has been given for the purposes of section 28A.
2. For the purposes of section 28A, the bankruptcy trustee of such debtor shall obtain approval from the meeting of committee of creditors of the debtor who has given the personal guarantee for transfer of assets in the corporate insolvency resolution process of the corporate debtor in respect of whom such guarantee has been given.
3. Where approval is granted by the meeting of committee of creditors permitting the transfer, the bankruptcy trustee of such debtor shall ensure that the proposed transfer is appropriately disclosed under regulation 7 and section 155.”.
6. In the principal regulations, in regulation 26, in sub-regulation (2), for the words “Form B”, the words “such form as notified by the Board through circular” shall be substituted.
7. In the principal regulations, Form A and Form B shall be omitted.
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./139/2026-27]
Note: The Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 were published vide notification No. IBBI/2019-20/GN/REG051, dated 20th November, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 412 on 20th November, 2019 and were last amended by the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors)(Amendment) Regulations, 2026 published vide notification No. IBBI/2025- 26/GN/REG139, dated the 25th February, 2026 in the Gazette of India, Extraordinary, Part III, Section 4, No.133 on 25th February, 2026.
