**Executive Summary**
This document is the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025, effective from the date of its publication in the Official Gazette on October 14, 2025. It amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The amendments apply prospectively, affecting cases where liquidation by sale as a going concern has not commenced.
**Key Points / Main Content**
* **Effective Date and Applicability:**
* The regulations come into force on the date of their publication in the Official Gazette (October 14, 2025).
* The regulations apply prospectively to cases where liquidation by sale as a going concern has not commenced.
* **Amendments to the Principal Regulations (2016):**
* In Regulation 31A, sub-regulation (1), clause (f) is omitted.
* In Regulation 32:
* In clause (c), after the mark ";", the word "or" is inserted.
* In clause (d), the mark ";" is substituted with ":".
* Clauses (e) and (f) are omitted.
* In the proviso, the letter and symbol “(f)” is substituted with “(d)”.
* Regulation 32A is omitted.
**Impact Analysis**
**Stakeholder: Insolvency and Bankruptcy Board of India (IBBI)**
* **Impact:** IBBI's existing regulations concerning the liquidation process are amended, specifically removing certain provisions related to the process in Regulations 31A, 32, and 32A.
* **Action Required:** IBBI needs to implement and enforce the amended regulations in applicable liquidation processes.
**Stakeholder: Resolution Professionals/Liquidators**
* **Impact:** They need to adhere to the revised regulations during liquidation processes.
* **Action Required:** They need to adjust their practices to comply with the amended regulations in cases where liquidation by sale as a going concern has not commenced.
**Stakeholder: Companies undergoing Liquidation**
* **Impact:** Liquidation processes will be affected by the change in rules.
* **Action Required:** They need to follow the directions of the resolution professionals under the new regulations.
**Stakeholder: Creditors and Other Stakeholders of Companies undergoing Liquidation**
* **Impact:** The outcome of liquidation proceedings may be affected.
* **Action Required:** Monitor the proceedings and seek guidance from resolution professionals.
Key Entities Referenced
Insolvency and Bankruptcy Code, 2016: The primary legislation that empowers the IBBI and governs insolvency and bankruptcy proceedings in India.
Insolvency and Bankruptcy Board of India (IBBI): The regulator responsible for the implementation and enforcement of the Insolvency and Bankruptcy Code, 2016, including the issuance of regulations.
Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016: Regulations established by the IBBI to govern the liquidation process under the Insolvency and Bankruptcy Code.
Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025: The specific set of amendments being made to the 2016 regulations relating to the liquidation process under the Insolvency and Bankruptcy Code.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-16102025-266969
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CG-DL-E-16102025-266969
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 675] नई दिल्ली, मंगलवार, अक्त बू र 14, 2025/आजव न 22, 1947
No. 675] NEW DELHI, TUESDAY, OCTOBER 14, 2025/ASVINA 22, 1947
भारतीय दिवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई दिल्ली, 14 अक् तूबर, 2025
भारतीय दिवाला और िोधन अक्षमता बोडड (समापन प्रदिया) (िसू रा सिं ोधन) जवजनयम, 2025
फा. स.ं आई.बी.बी.आई./2025-26/िी.एन./आर.ई.िी.129.—भारतीय दिवाला और िोधन अक्षमता बोडड,
दिवाला और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पठित धारा 196 की उपधारा (1) के
खंड (न) द्वारा प्रित्त िजियों का प्रयोग करते हुए, भारतीय दिवाला और िोधन अक्षमता बोडड (समापन प्रदिया) जवजनयमन,
2016 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत्: -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोड ड(समापन प्रदिया) (िसू रा संिोधन)
जवजनयम, 2025 ि ै।
(2) ये रािपत्र में उनके प्रकािन की तारीख को प्रवृत्त िोंगे और य े भजवष्यलक्षी रूप से, अथाडत्, ऐसे मामलों को
लाग ूिोंगे, जिनम ेंचालू समुत्थान के रूप म ेंजविय द्वारा समापन प्रारंभ निीं हुआ ि ै।
2. भारतीय दिवाला और िोधन अक्षमता बोडड (समापन प्रदिया) जवजनयमन, 2016 (जिन्ि ें इसमें इसके पश्चात ् “मलू
जवजनयम” किा गया ि)ै के जवजनयम 31क के उप-जवजनयमन (1) के खडं (च) का लोप दकया िाएगा ।
3. मूल जवजनयमों के जवजनयम 32 में,
(i) खडं (ग) म,ें “;” के पश्चात् “या” िब्ि अतं ःस्ट्थाजपत दकया िाएगा ।
(ii) खंड (घ) में, “;” के स्ट्थान पर “:” जचह्न रखा िाएगा ।
6877 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(iii) खंड (ङ) और खडं (च) का लोप दकया िाएगा ।
(iv) परन्तुक में, “(च)” अक्षर और जचह्न के स्ट्थान पर “(घ)” अक्षर और जचह्न रखे िाएगं े ।
4. मूल जवजनयमों में, जवजनयम 32क का लोप दकया िाएगा ।
रजव जमत्तल, अध्यक्ष
[जवज्ञापन-III/4/असा./409/2025-26]
ठिप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड(समापन प्रदिया) जवजनयमन, 2016, भारत के रािपत्र, असाधारण,
भाग III, खडं 4, सं. 460, तारीख 15 दिसम्बर, 2016 में अजधसूचना सं. आई.बी.बी.आई./2016-
17/िी.एन./आर.ई.िी.005, तारीख 15 दिसम्बर, 2016 द्वारा प्रकाजित दकए गए थ े और उनमें अंजतम संिोधन
भारत के रािपत्र, असाधारण, भाग III, खंड 4, सं. 82, तारीख 29 िनवरी, 2025 में अजधसूचना
सं. आई.बी.बी.आई./2024-25/िी. एन./आर.ई.िी.121, तारीख 28 िनवरी, 2025 द्वारा प्रकाजित भारतीय
दिवाला और िोधन अक्षमता बोडड (समापन प्रदिया) (संिोधन) जवजनयम, 2025 द्वारा दकया गया था ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 14th October, 2025
Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025
F. No. IBBI/2025-26/GN/REG129.—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 (Liquidation Process) Regulations, 2016, namely: -
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process)
(Second Amendment) Regulations, 2025.
(2) They shall come into force on the date of their publication in the Official Gazette and shall apply
prospectively, i.e. to cases where liquidation by sale as going concern has not commenced.
2. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as
'the principal regulations'), in regulation 31A, in sub-regulation (1), clause (f) shall be omitted.
3. In the principal regulations, in regulation 32,
(i) in clause (c), after the mark “;”, the word “or” shall be inserted.
(ii) in clause (d), for the mark “;” the mark “:” shall be substituted.
(iii) clauses (e) and (f) shall be omitted.
(iv) in the proviso, for the letter and symbol “(f)”, the letter and symbol “(d)”, shall be substituted.
4. In the principal regulations, regulation 32A shall be omitted.
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./409/2025-26]
Note: The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 were published vide
notification No. IBBI/2016-17/GN/REG005 dated 15th December, 2016 in the Gazette of India, Extraordinary,
Part III, Section 4, vide No. 460 on 15th December, 2016 and were last amended by Insolvency and Bankruptcy
Board of India (Liquidation Process) (Amendment) Regulations, 2025 vide notification No. IBBI/2024-
25/GN/REG121 dated the 28th January, 2025 in the Gazette of India, Extraordinary, Part III, Section 4, vide
No. 82 on 29th January, 2025.
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