The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2026, introducing significant changes to the insolvency framework for personal guarantors. A major amendment requires a comprehensive statement of assets to be filed along with insolvency applications under sections 94 and 95 of the Insolvency and Bankruptcy Code, covering cash, investments, business interests, immovable property, digital assets, intellectual property, receivables, contingent claims, ESOPs, beneficial ownership interests, and assets held directly or indirectly. The regulations also introduce provisions facilitating coordination between resolution professionals of personal guarantors and corporate debtors regarding asset transfers under section 28A, subject to creditor approval and disclosure requirements. Additionally, prescribed Forms A, B, and C have been removed and replaced with formats to be notified through Board circulars, providing greater regulatory flexibility and streamlining procedural compliance.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 1st June, 2026
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2026
F. No. IBBI/2026-27/GN/REG149.— 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 (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, namely: –
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (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 (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, (hereinafter referred to as ‘the principal regulations’), in regulation 3, clause (e) shall be omitted.
3. In the principal regulations, in regulation 4, in sub-regulation (2), for the words “Form A”, the words “such form as notified by the Board through circular” shall be substituted.
4. In the principal regulations, after regulation 6, the following regulation shall be inserted, namely:-
“6A. Statement of assets.
(1) For the purposes of sections 94 and 95, along with the application for initiating the insolvency resolution process to be submitted to the Adjudicating Authority, a complete and true statement of all assets including the following, with supporting evidence, shall also be submitted:
(a) Cash and Bank Deposits – Cash in hand; balances in savings or current accounts; fixed deposits; recurring deposits; post office savings instruments; and balances held in digital wallets or similar instruments.
(b) Business Interests and Commercial Assets – Any ownership, whether sole or joint, in a proprietorship, partnership, limited liability partnership, or company, including all associated assets such as inventory, plant and machinery, tools of trade, professional equipment, and goodwill.
(c) Investments (Domestic and Overseas) – Investments in shares, debentures, bonds, mutual funds, government securities, and any other financial instruments, including investments made outside India such as foreign bank accounts, securities, and immovable properties.
(d) Immovable Property – All rights, title, or interest in immovable property, including residential, commercial, or industrial property, agricultural land, and leasehold or freehold interests.
(e) Retirement and Provident Fund Assets – Balances or entitlements in provident funds, pension funds, gratuity, superannuation funds, and any other retirement benefit schemes.
(f) Digital Assets – Cryptocurrencies, virtual digital assets, non-fungible tokens, digital tokens, and domain names or other digital properties having commercial value.
(g) Intellectual Property and Intangible Assets – Patents, trademarks, copyrights, licences, franchises, brand value, goodwill, royalty rights, and any other intangible assets.
(h) Valuable Movable Assets – Jewellery, precious metals and stones, works of art, antiques, collectibles, watches, and high-value electronic or personal assets.
(i) Agricultural Assets and Livestock – Agricultural produce, livestock, and related agricultural equipment.
(j) Receivables and Advances – Trade receivables, loans and advances given, tax refunds due, security deposits, salary arrears, and any other sums receivable.
(k) Claims and Contingent Assets – Claims under litigation or arbitration, insurance claims, expected inheritances, and beneficial interests under trusts or similar arrangements.
(1) ESOPs and Beneficial Ownership Interests – Employee stock options (ESOPs) (whether vested or unvested), securities or assets held through nominees, and any beneficial interest in any entity, trust, or arrangement.
Provided that for the purposes of an application under section 95, the creditor shall file information relating to the assets of the individual to the extent available with the creditor.
(2) The statement of assets shall mandatorily include:
(a) assets owned directly or indirectly, whether in the name of the individual or otherwise;
(b) assets held individually or jointly with any other person;
(c) assets held in a fiduciary capacity, including as trustee, guardian, executor, or partner;
(d) assets held through beneficial ownership structures, including through nominees, trusts, partnerships, companies, Hindu Undivided Families, or any other arrangement conferring beneficial interest or control; and
(e) any asset over which the individual exercises control, influence, or derives economic benefit, irrespective of legal title.”
5. In the principal regulations, in regulation 7, in sub-regulation (1), for the words “Form B”, the words “such form as notified by the Board through circular” shall be substituted.
6. In the principal regulations, in regulation 11, in sub-regulation (3), after the words “in accordance with”, the words, marks and numerical “sub-section (3A) of section 106 and” shall be inserted.
7. In the principal regulations, after regulation 11, the following regulation shall be inserted, namely: –
“11A. Facilitation of transfer of assets.
(1) Where the debtor is a personal guarantor who is undergoing an insolvency resolution process, the resolution professional 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 resolution professional shall obtain approval from the meeting 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 creditors permitting the transfer, the resolution professional of the debtor shall ensure that the proposed transfer is appropriately disclosed in the report under section 106 and section 112.”.
8. In the principal regulations, in regulation 16, in sub-regulation (2), for the words “Form C”, the words “such form as notified by the Board through circular” shall be substituted.
9. In the principal regulations, in regulation 17B, for the words “intimating the non-submission of a repayment plan and seek appropriate directions”, the words, mark and numerical “in accordance with sub-section (1A) of section 106” shall be substituted.
10. In the principal regulations, Form A, Form B and Form C shall be omitted.
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./138/2026-27]
Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 were published vide notification No. IBBI/2019- 20/GN/REG050, dated 20th November, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 413 on 20th November, 2019 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2025 published vide notification F. No. IBBI/2025-26/GN/REG131, dated the 20th November, 2025 in the Gazette of India, Extraordinary, Part III, Section 4, No.752 on the 21st November, 2025 .
