IBBI (CIRP) Third Amendment Regulations, 2026 — Key Changes Explained for Creditors and Corporate Debtors

On 1 June 2026, the Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026 to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The provisions came into force on 2 June 2026.

All you need to know about the amendment:

1. Regulation 2-B relating to “Information to be furnished by operational creditor” has been revised. It says that if an operational creditor is filing an application, they will have to provide the following:

   • Copies of relevant GSTR-1 and GSTR-3B returns;

   • E-way bill, if applicable;

   Note- The above 2 is not required if the creditor is not registered under GST or the goods/services are not covered under GST.

   • Details of any partial payments received and dates of payment;

   • Details if the debt has been assigned or transferred, with proof;

   • Information about any guarantee given for the debt (by the debtor or someone else);

   • Account statement showing principal amount due and interest;

   • Whether the creditor is a related party of the debtor;

   • Details of any ongoing cases against the debtor for recovery of the same debt;

   • Anything else the creditor thinks is important for the application.

2. Regulation 2-E relating to “Submission of information by the corporate debtor” has been introduced which says that the Corporate Debtor will have to submit the following:

   • Bank accounts details- List with account numbers, bank names, branches, signatories

   • Asset details such as immovable property, movable assets and inventory, investments, intangible assets, receivables;

   • Secured & unsecured creditors with amounts;

   • Full list of creditors with contact details;

   • Ongoing litigations, disputes, arbitration cases;

   • List of employees or workers and unpaid dues;

   • Subsidiaries, joint ventures, associate companies;

   • Organization structure & key personnel;

   • Any guarantees given or received;

   • Related party transactions for last 2 years;

   • Licenses, registrations, regulatory approvals;

   • Statutory filings;

   • Joint development or collaboration agreements;

   • Assets seized/attached by authorities;

   • Tax demands or recovery proceedings;

   • Any due employee benefits;

   • Any investigation or prosecution proceedings;

   • Real estate allottees names, dues, and units allotted.

3. Regulation 3 relating to “Eligibility for resolution professional” has been revised and the following provision has been introduced:

   • If the Committee of Creditors decides in its first meeting decides to continue the Interim Resolution Professional as the Resolution Professional, then it will have to inform the Corporate Debtor, IBBI, and the Adjudicating Authority within 3 days of the decision.

   • If the Committee of Creditors decides to replace the Interim Resolution Professional or the Resolution Professional, then it will have to take written consent from the new proposed Resolution Professional.

4. Regulation 4 relating to “Access to books” has been revised:

   Earlier, a creditor used to give information to the Interim Resolution Professional or the Resolution Professional about the company’s assets and liabilities through valuation report, stock receivables statements, inspection and audit reports etc to help the Interim Resolution Professional or the Resolution Professional to prepare the information memorandum, determine valuation of assets and to properly run the insolvency process.

   Now, the Interim Resolution Professional or the Resolution Professional can ask any creditor, including banks and government authorities, for any information or records they need about the company’s assets and liabilities.

   At the first Committee of Creditors meeting, every creditor will have to give relevant information and records they have about the corporate debtor’s assets and liabilities to help the Interim Resolution Professional or the Resolution Professional to prepare the information memorandum, determine valuation of assets and to properly run the insolvency process.

5. Regulation 13 relating to “Verification of claims” has been revised and the amended provision says that after checking the claims, the Interim Resolution Professional or the Resolution Professional will either accept or reject them, fully or partially and inform the creditor of their decision within 7 days.

6. Regulation 28-A relating to “Transfer of assets of guarantor taken into possession” has been inserted. The provision says that:

   • If a creditor has already taken possession of a guarantor’s asset, personal or corporate, the Resolution Professional can propose to include “that asset in the insolvency process of the corporate debtor.

   • The proposal should include:

     ✓ Description of the asset;

     ✓ Estimated value by a registered valuer;

     ✓ Consent or approval for transfer from the creditor/ guarantor’s creditor.

   • If the Committee of Creditors approves the transfer, then the Resolution Professional will have to:

     ✓ Disclose it in the Information Memorandum;

     ✓ Mention it in the request for resolution plans;

     ✓ Ensure the resolution plan explains how proceeds will be distributed.

   • While approving the resolution plan, the Committee of Creditors will have to consider the value of the guarantor’s asset and how the proceeds are handled to ensure fair protection of all stakeholders.

7. Regulation 28-B relating to “Facilitation of transfer of assets” has been introduced which says that:

   • If the corporate debtor is a corporate guarantor, i.e., it gave a guarantee for another company, its Resolution Professional will have to coordinate with the Resolution Professional of the main debtor, the company for whom the guarantee was given about asset transfer.

   • The Resolution Professional will have to take approval from the Committee of Creditors of the corporate guarantor before transferring assets for the insolvency of the main debtor.

   • Once approved, the Resolution Professional will have to disclose the transfer details in the Information Memorandum.

8. Regulation 30-A relating to “Withdrawal of application” has been revised as follows:

   • After Committee of Creditors approval, the Resolution Professional will have to file the withdrawal application before National Company Law Tribunal within 3 days and include the prescribed form, bank guarantee or demand draft for estimated Corporate Insolvency Resolution Process.

   • After National Company Law Tribunal approves withdrawal, the applicant will have to pay the actual expenses within 3 days and the payment will go to the corporate debtor’s bank account.

   • If the payment is not made, the bank guarantee will be invoked or the demand draft will be encashed.

9. A new Regulation 40-E has been introduced which talks about the “Dissolution of corporate debtor during corporate insolvency resolution process”:

   • Dissolution can be requested if the Committee of Creditors decides by 66% votes to dissolve the company if Assets are too low to cover assets cannot be realistically sold in liquidation.

   • After the Committee of Creditors decides, the Resolution Professional will have to apply to the National Company Law Tribunal within 10 days.

   • The following should be submitted:

     ✓ Copy of the Committee of Creditors resolution;

     ✓ Details of assets, movable, immovable, financial, intangible;

     ✓ Details of claims, avoidance transactions, contingent assets;

     ✓ Explanation showing that continuing Corporate Insolvency Resolution Process or starting liquidation will not be economically beneficial.

10. Regulation 40-F relating to “Restoration of corporate insolvency resolution process” has been introduced and it says that:

    • Before the National Company Law Tribunal passes a liquidation order, the Committee of Creditors will get a chance to request restoration of Corporate Insolvency Resolution Process.

    • The Resolution Professional will continue working until the National Company Law Tribunal decides on this restoration request.

    • If the Committee of Creditors agrees, the Resolution Professional will file an application before the National Company Law Tribunal for restoration.

    • The following should be attached:

      ✓ Committee of Creditors resolution approving restoration;

      ✓ Reasons for restoring Corporate Insolvency Resolution Process;

      ✓ Proposed timeline to complete the process.

11. Schedule I which contained the various Forms has been removed.

[IBBI (CIRP) Third Amendment Regulations, 2026 — Key Changes Explained for Creditors and Corporate Debtors, dt. 1 June 2026]