{"id":380335,"date":"2026-04-07T16:30:07","date_gmt":"2026-04-07T11:00:07","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=380335"},"modified":"2026-04-07T16:45:55","modified_gmt":"2026-04-07T11:15:55","slug":"insolvency-bankruptcy-code-amendment-act-2026-explained","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/04\/07\/insolvency-bankruptcy-code-amendment-act-2026-explained\/","title":{"rendered":"From Withdrawal to Creditor Control: Key Shifts under the IBC Amendment Act, 2026"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 6 April 2026, the <span style=\"font-weight: bold;\">Insolvency and Bankruptcy Code (Amendment) Act, 2026<\/span> received Presidential assent, with the objective of strengthening the credibility, speed, and predictability of the insolvency framework, while carefully balancing the interests of creditors, corporate debtors, and other stakeholders.<\/p>\n<h2>Key Highlights:<\/h2>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>This Act primarily amends the provisions of the <span style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002802178\" target=\"_blank\">Insolvency and Bankruptcy Code, 2016<\/a><\/span> (IBC).<\/p>\n<\/li>\n<li>\n<p>Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001549762\" target=\"_blank\">3<\/a> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002802178\" target=\"_blank\">IBC<\/a> is revised to strengthen the institutional framework of insolvency professionals:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section 3(27A)<\/span> introduces the definition of &#8220;registered valuer&#8221; by adopting the meaning assigned under Chapter XVII of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002766251\" target=\"_blank\">Companies Act, 2013<\/a>, ensuring uniform valuation standards.<\/p>\n<\/li>\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section 3(31A)<\/span> defines &#8220;service provider&#8221;, covering insolvency professionals, insolvency professional agencies, information utilities, registered valuers and other notified persons registered with the <span style=\"font-weight: bold;\">Insolvency and Bankruptcy Board of India (IBBI)<\/span>.<\/p>\n<\/li>\n<li>\n<p>An Explanation to Section 3(31) clarifies that a security interest must arise from an agreement or arrangement between parties and cannot exist merely by operation of law.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The definition provisions <span style=\"font-weight: bold;\">under Section 5 (Part II of the Code)<\/span> are also revised:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section 5(2A)<\/span> defines &#8220;avoidance transaction&#8221; with reference to Sections <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001549777\" target=\"_blank\">43<\/a>, <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001549779\" target=\"_blank\">45<\/a>, <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001549783\" target=\"_blank\">49<\/a> and <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001549785\" target=\"_blank\">50<\/a> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002802178\" target=\"_blank\">Code<\/a>.<\/p>\n<\/li>\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section 5(9A)<\/span> defines &#8220;fraudulent or wrongful trading&#8221; by linking it directly to Section 66.<\/p>\n<\/li>\n<li>\n<p>A proviso to <span style=\"font-weight: bold;\">Section 5(11)<\/span> clarifies that where multiple <span style=\"font-weight: bold;\">corporate insolvency resolution process<\/span> (CIRP) applications are pending, the insolvency commencement date shall be the date of the first application filed.<\/p>\n<\/li>\n<li>\n<p>The Explanation to <span style=\"font-weight: bold;\">Section 5(26)<\/span> is broadened to expressly allow sale of one or more assets through one or more resolution plans.<\/p>\n<\/li>\n<li>\n<p>Section <span style=\"font-weight: bold;\">5(28)<\/span> is amended to clarify that voting share refers only to financial creditors who are eligible to vote in the committee of creditors<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The proviso to Section 7(4) has been omitted, and Section 7(5) is substituted to mandatorily require the Adjudicating Authority to admit or reject an application within fourteen days, with a statutory obligation to record reasons for any delay.<\/p>\n<\/li>\n<li>\n<p>Section 9 is modified by shifting regulatory control to IBBI regulations in <span style=\"font-weight: bold;\">Section 9(3)(e)<\/span>. Further, a new proviso to <span style=\"font-weight: bold;\">Section 9(5)<\/span> requires the Adjudicating Authority to record reasons where an order is not passed within <span style=\"font-weight: bold;\">fourteen days<\/span>.<\/p>\n<\/li>\n<li>\n<p>The scope of information required in applications is expanded under <span style=\"font-weight: bold;\">Section 10(3)<\/span>, and the restriction relating to pendency of disciplinary proceedings against the proposed insolvency professional is removed. <span style=\"font-weight: bold;\">Section 10(4)<\/span> now requires recording of reasons where orders are not passed within fourteen days, aligning corporate-debtor-initiated CIRP with creditor-initiated proceedings.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 11<\/span> is amended to include proceedings under the newly inserted <span style=\"font-weight: bold;\">Chapter IVA<\/span>, thereby preventing misuse or overlapping of insolvency mechanisms by the same corporate debtor.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 12A<\/span> is substituted to regulate withdrawal of admitted insolvency applications. Withdrawal is permitted only after constitution of the committee of creditors and before issuance of the first invitation for resolution plans, subject to approval of <span style=\"font-weight: bold;\">90% of the voting share<\/span> of the <span style=\"font-weight: bold;\">committee of creditors (CoC).<\/span><\/p>\n<\/li>\n<li>\n<p>An Explanation is inserted to <span style=\"font-weight: bold;\">Section 14(3)(b)<\/span>, clarifying that the moratorium applies even when a surety attempts to initiate or continue proceedings against the corporate debtor pursuant to a contract of guarantee.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 16(2)<\/span> is amended to mandate that, in Section 7 applications, the insolvency professional proposed by the financial creditor must be appointed as interim resolution professional if no disciplinary proceedings are pending.<\/p>\n<\/li>\n<li>\n<p>For applications under Section 10, <span style=\"font-weight: bold;\">Section 16(3A)<\/span> requires the Adjudicating Authority to seek a recommendation from the IBBI, thus, ensuring regulatory oversight.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Sections 18 and 19<\/span> are amended to strengthen professional responsibility and cooperation:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Section 18(b) clarifies that the <span style=\"font-weight: bold;\">Interim Resolution Professional (IRP)<\/span> is required not only to collate claims but also to verify and determine their value.<\/p>\n<\/li>\n<li>\n<p>Section 19 expands the duty of cooperation to all persons associated with the corporate debtor and clarifies that it applies equally to IRPs and the <span style=\"font-weight: bold;\">Resolution Professional (RP).<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Section <span style=\"font-weight: bold;\">21(11)<\/span> is inserted, requiring the <span style=\"font-weight: bold;\">committee of creditors<\/span> to supervise liquidation proceedings under Chapter III, including ongoing liquidations where dissolution has not commenced.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 22(3)(a)<\/span> is amended to provide that a resolution professional is deemed appointed from the date of the committee of creditors&#8217; resolution, and this decision must be communicated to the insolvency professional, the corporate debtor, and the IBBI.<\/p>\n<\/li>\n<li>\n<p>A new <span style=\"font-weight: bold;\">Section 28A<\/span> is inserted allowing transfer of assets of personal or corporate guarantors during CIRP with specified CoC approval thresholds and regulating the utilisation of sale proceeds.<\/p>\n<\/li>\n<li>\n<p>Liquidation provisions under <span style=\"font-weight: bold;\">Sections 34, 34A, 52 and 53<\/span> are restructured:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>The same professional cannot perform both RP and liquidator roles.<\/p>\n<\/li>\n<li>\n<p>The CoC is empowered to replace the liquidator.<\/p>\n<\/li>\n<li>\n<p>Distribution priorities and secured creditor rights are clarified.<\/p>\n<\/li>\n<li>\n<p>Sections <span style=\"font-weight: bold;\">38 to 42 are omitted<\/span>.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Avoidance and misconduct provisions under <span style=\"font-weight: bold;\">Sections 43, 46, 47, 49 and 50<\/span> are strengthened by redefining look-back periods and allowing creditors to initiate proceedings where the insolvency professional fails to act.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 54 and<\/span> provisions relating to voluntary liquidation are amended to prescribe strict timelines for liquidation and permit termination of voluntary liquidation mid-way subject to specified conditions.<\/p>\n<\/li>\n<li>\n<p>A new Chapter IV-A (<span style=\"font-weight: bold;\">Sections 58A&#8212;58K<\/span>) is introduced relating to the Creditor-Initiated Insolvency Resolution Process, allowing notified financial creditors to initiate insolvency with debtor-in-possession management, fixed timelines, conversion and withdrawal mechanisms.<\/p>\n<\/li>\n<li>\n<p>A new Chapter VA (<span style=\"font-weight: bold;\">Section 59A<\/span>) is also inserted that lays the foundation for group insolvency, empowering the Central Government to formulate rules for coordinated insolvency proceedings of corporate groups.<\/p>\n<\/li>\n<li>\n<p>Section 61 is amended by insertion of <span style=\"font-weight: bold;\">sub-section (6)<\/span>, which mandates that the <span style=\"font-weight: bold;\">National Company Law Appellate Tribunal (NCLAT)<\/span> dispose of appeals within <span style=\"font-weight: bold;\">three months<\/span> from the date of receipt.<\/p>\n<\/li>\n<li>\n<p>Penalty and enforcement provisions are reinforced through insertion of <span style=\"font-weight: bold;\">Sections 64A, 67B, 67C and 183A<\/span>, addressing frivolous or vexatious proceedings, moratorium violations, suppression of material facts, and non-compliance with resolution plans.<\/p>\n<\/li>\n<li>\n<p>Sections <span style=\"font-weight: bold;\">240B and 240C<\/span> introduce institutional reforms aimed at modernising the insolvency framework, by providing for an <span style=\"font-weight: bold;\">electronic insolvency portal<\/span> and enabling a statutory framework for <span style=\"font-weight: bold;\">cross-border insolvency recognition, coordination and cooperation<\/span>.<\/p>\n<\/li>\n<li>\n<p>A new <span style=\"font-weight: bold;\">Section 242(1A)<\/span> empowers the Central Government, for a period of <span style=\"font-weight: bold;\">five years<\/span>, to issue corrective orders to address implementation difficulties arising from the 2026 amendments.<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">The amendments reinforce the IBC&#8217;s core objectives of time-bound resolution, creditor empowerment, regulatory oversight and modernised insolvency administration.<\/p>\n<\/li>\n<\/ol>\n<p style=\"margin-bottom: 3%; font-weight: bold;\">[Insolvency and Bankruptcy Code (Amendment) Act, 2026, published on 6-4-2026]<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Insolvency and Bankruptcy Code (Amendment) Act, 2026 amends the IBC to ensure faster resolution, greater creditor oversight, improved accountability, and modernised insolvency and liquidation processes.<\/p>\n","protected":false},"author":67525,"featured_media":380342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[43781,32458,22814,31359,79411,101940,87164,71470,29471,101938,22064,50837,50070,82741,101939],"class_list":["post-380335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-cirp","tag-committee-of-creditors","tag-corporate-insolvency-resolution-process","tag-corporate-law","tag-creditor-rights","tag-creditor-initiated","tag-cross-border-insolvency","tag-group-insolvency","tag-ibbi","tag-ibc-amendment-act-2026","tag-insolvency-and-bankruptcy-code","tag-insolvency-law","tag-insolvency-professionals","tag-insolvency-reforms","tag-liquidation-framework"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium 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