**Executive Summary**
This document is a notification of the Insolvency and Bankruptcy Board of India (IBBI) amending the Voluntary Liquidation Process Regulations of 2017. The amendment, effective from the date of publication in the Official Gazette on February 25, 2026, introduces an explanation clarifying the documentation requirements for valuation reports prepared by registered valuers. The reference number is F. No. IBBI/2025-26/GN/REG137.
**Key Points / Main Content**
* **Short Title and Commencement:**
* These regulations are called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2026.
* They come into force on the date of their publication in the Official Gazette (February 25, 2026).
* **Amendment to Regulation 3 of the Voluntary Liquidation Process Regulations, 2017:**
* An explanation is added to sub-regulation (1), clause (b), after sub-clause (ii):
* Explanation: A registered valuer shall prepare the valuation report and maintain documentation as per the format notified by the Board through circular.
**Impact Analysis**
**Stakeholder: Registered Valuers**
* **Impact:**
* Registered valuers are now explicitly required to maintain documentation for their valuation reports according to a format specified by the Board via circular.
* **Action Required:**
* Registered valuers must prepare valuation reports and maintain documentation as per the format notified by the Board through a circular. They must also familiarize themselves with circulars published by the Board regarding the appropriate format.
Key Entities Referenced
Insolvency and Bankruptcy Code, 2016: The primary legislation governing insolvency and bankruptcy proceedings in India, referenced as the legal basis for the regulations.
Insolvency and Bankruptcy Board of India (IBBI): The regulatory body responsible for implementing and overseeing insolvency and bankruptcy processes in India, including voluntary liquidation.
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017: The regulations governing voluntary liquidation processes, which are being amended by the current notification.
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2026: The specific amendment regulations being issued in this notification.
New Delhi: The location where the Board is headquartered and from where the notification is issued, signifying its national applicability.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-25022026-270486
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CG-DL-E-25022026-270486
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 137] नई दिल्ली, बुधवार, फरवरी 25, 2026/फाल्ग नु 6, 1947
No. 137] NEW DELHI, WEDNESDAY, FEBRUARY 25, 2026/PHALGUNA 6, 1947
भारतीय दिवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई दिल्ली, 25 फरवरी, 2026
भारतीय दिवाला और िोधन अक्षमता बोडड (स्ट्वजै छिक समापन प्रदिया) (सिं ोधन) जवजनयम, 2026
फा. स.ं आई.बी.बी.आई./2025-26/िी.एन./आर.ई.िी.137.—भारतीय दिवाला और िोधन अक्षमता बोड,ड
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 करत े हुए, भारतीय दिवाला और िोधन अक्षमता बोडड(स्ट्वैजछिक समापन प्रदिया)
जवजनयम, 2017 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथातड ्: -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोडड (स्ट्वैजछिक समापन प्रदिया)
(संिोधन) जवजनयम, 2026 ि ै।
(2) य ेरािपत्र में उनके प्रकािन की तारीख को प्रवृत्त िोंग े।
2. भारतीय दिवाला और िोधन अक्षमता बोड ड (स्ट्वैजछिक समापन प्रदिया) जवजनयम, 2017 के जवजनयम 3 के उप-
जवजनयम (1) के खंड (ख) म,ें उप-खंड (ii) के पश्चात,् जनम्नजलजखत स्ट्पष्टीकरण अतं ःस्ट्थाजपत दकया िाएगा, अथाडत्:-
“स्ट्पष्टीकरण – इस जवजनयम के प्रयोिनों के जलए, प्रत्येक रजिस्ट्रीकृत मूल्यांकक मल्ू यांकन ठरपोर्ड तैयार करेगा और
बोडड द्वारा पठरपत्र के माध्यम स ेअजधसूजचत प्ररूप के अनुसार ऐसे िस्ट्तावेज़ रखेगा ।”
रजव जमत्तल, अध्यक्ष
[जवज्ञापन-III/4/असा./714/2025-26]
1410 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
ठर्प्पण : भारतीय दिवाला और िोधन अक्षमता बोड(ड स्ट्वैजछिक समापन प्रदिया) जवजनयम, 2017, भारत के रािपत्र,
असाधारण, भाग 3, खंड 4, सं. 130, तारीख 31 माचड, 2017 में अजधसूचना सं. आई.बी.बी.आई./2016-
17/िी.एन./आर.ई.िी.010, तारीख 31 माच,ड 2017 द्वारा प्रकाजित दकए गए थ े और उनमें अंजतम संिोधन
भारत के रािपत्र, असाधारण, भाग 3, खंड 4, सं. 81, तारीख 29 िनवरी, 2025 में अजधसूचना
सं. आई.बी.बी.आई./2024-25/िी. एन./आर.ई.िी.120, तारीख 28 िनवरी, 2025 द्वारा प्रकाजित भारतीय
दिवाला और िोधन अक्षमता बोडड (स्ट्वैजछिक समापन प्रदिया)(संिोधन) जवजनयम, 2025 द्वारा दकया गया था ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 25th February, 2026
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2026
F. No. IBBI/2025-26/GN/REG137.—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 (Voluntary Liquidation Process) Regulations, 2017, namely: -
1. (1) These regulations may be called Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process)
(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 (Voluntary Liquidation Process) Regulations, 2017, in regulation
3, in sub-regulation (1), in clause (b), after sub-clause (ii), the following explanation shall be inserted, namely:-
“Explanation –For the purposes of this regulation, a registered valuer shall prepare the valuation report and maintain
such documentation as per the format notified by the Board through circular.”
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./714/2025-26]
Note: The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
were published vide notification No. IBBI/2016- 17/GN/REG010, dated 31st March, 2017 in the Gazette of
India, Extraordinary, Part III, Section 4, No. 130 on 31st March, 2017 and were last amended by the Insolvency
and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2025 published
vide notification No. IBBI/2024-25/GN/REG120, dated the 28th January, 2025 in the Gazette of India,
Extraordinary, Part III, Section 4, No.81 on 29th January, 2025.
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