The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Third Amendment) Regulations, 2026, effective from the date of publication in the Official Gazette. The amendments replace references to specified Forms P1 to P14 with the expression “such format as notified by the Board” across multiple regulations. Clause (o) of Regulation 2(1) has been omitted. Regulation 18 has been substituted to prescribe the information and documents that a corporate applicant must furnish while filing an application under Section 54C(3) of the Insolvency and Bankruptcy Code, including declarations, approvals of financial creditors, details of the proposed resolution professional, financial statements, and information from authorised representatives of creditor classes. Several provisions have been amended to align with the new format-notification mechanism. The Schedule containing Forms P1 to P14 has also been omitted, shifting the framework from prescribed statutory forms to formats notified separately by the Board.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 1st June, 2026
Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Third Amendment) Regulations, 2026
F. No. IBBI/2026-27/GN/REG147.— 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 (Pre-Packaged Insolvency Resolution Process) Regulations, 2021, namely: –
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Third 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 (Pre-Packaged Insolvency Resolution Process) Regulations, 2021, (hereinafter referred to as ‘the principal regulations’), in regulation 2, in sub-regulation (1),
a. in clause (h), for the words “a Form specified in the Schedule”, the words “such format as notified by the Board” shall be substituted.
b. clause (o) shall be omitted.
3. In the principal regulations, in sub-regulation (1) of regulation 7, for the words “Form P1”, the words “such format as notified by the Board” shall be substituted.
4. In the principal regulations, in regulation 14,
a. in sub-regulation (3), for the words “Form P2”, the words “such format as notified by the Board” shall be substituted.
b. in sub-regulation (5), for the words “Form P3”, the words “such format as notified by the Board” shall be substituted.
c. in sub-regulation (7), for the words “Form P4”, the words “such format as notified by the Board” shall be substituted.
5. In the principal regulations, in regulation 15,
a. for the words “Form P2”, the words “such form as referred in Regulation 14” shall be substituted.
b. in clauses (iii) and (vi), for the words “Form P5”, the words “such format as notified by the Board” shall be substituted.
6. In the principal regulations, in regulation 16,
a. in sub-regulation (1), for the words “Form P6”, the words “such format as notified by the Board” shall be substituted.
b. in sub-regulation (2), for the words “Form P7”, the words “such format as notified by the Board” shall be substituted.
7. In the principal regulations, in regulation 17, for the words “Form P8”, the words “such format as notified by the Board” shall be substituted.
8. In the principal regulations, for regulation 18, the following shall be substituted namely:-
“18. Information and documents to be furnished by the applicant.
For the purposes of sub-section (3) of section 54C of the Code, the corporate applicant shall, along with the application, furnish the following information and documents:––
(1) a copy of the declaration made by the majority of the directors or partners, as the case may be, in such format as notified by the Board;
(2) a copy of the declaration, special resolution or resolution, as the case may be, for initiating pre-packaged insolvency resolution process in terms of section 54A;
(3) proof of approval from financial creditors, not being related parties, representing not less than fifty-one per cent. in value of the financial debt;
(4) details of insolvency professional as follows:
a. the written consent of the proposed resolution professional in such format as notified by the Board;
b. the report of the resolution professional referred to in clause (a) of sub-section (1) of section 54B of the Code, prepared in such format as notified by the Board.
(5) audited financial statements of the corporate debtor for the last two financial years;
(6) provisional financial statements for the current financial year made up to the date of the declaration by the directors or partners, as the case may be; and
(7) a format as notified by the Board and submitted by the authorised representatives selected for the classes of creditors, wherever applicable.”.
9. In the principal regulations, in sub-regulation (2) of regulation 19,
a. in clause (a), for the words “Form P9”, the words “such format as notified by the Board” shall be substituted.
b. in clause (b), for the words “Form P2”, the words “such format as notified by the Board” shall be substituted.
10. In the principal regulations, in regulation 20,
a. in sub-regulations (1), (2) and (8), for the words “Form P10”, the words “such format as notified by the Board” shall be substituted.
b. in sub-regulation (9) for the words “Form P10”, the words “The format as notified by the Board under sub-regulation (8)” shall be substituted.
11. In the principal regulations, in regulation 43,
a. in sub-regulation (1), for the words “Form P11”, the words “such format as notified by the Board” shall be substituted.
b. in sub-regulation (2) and (3), for the words “Form P11”, the words “form referred in sub-regulation (1)”, shall be substituted.
12. In the principal regulations, in regulation 49,
a. in sub-regulation (1), for the words “Form P12”, the words “such format as notified by the Board” shall be substituted.
b. in sub-regulation (4) for the words “in Form P13”, the words “in such format as notified by the Board” shall be substituted.
13. In the principal regulations, in regulation 51, for the words “in Form P14”, the words “in such format as notified by the Board” shall be substituted.
14. In the principal regulations, “SCHEDULE” after regulation 51 shall be omitted.
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./136/2026-27]
Note: The Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021 were published vide notification No. IBBI/2021- 22/GN/REG071, dated 9th April, 2021 in the Gazette of India, Extraordinary, Part III, Section 4, No. 151 on dated 9th April, 2021 and were last amended by the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process)(Second Amendment) Regulations, 2026 published vide notification No. IBBI/2026-27/GN/REG143, dated the 19th May, 2026 in the Gazette of India, Extraordinary, Part III, Section 4, No. 330 on 20th May, 2026.
