Executive Summary:
This notification announces the Insolvency and Bankruptcy Board of India (IBBI) Insolvency Resolution Process for Corporate Persons Fifth Amendment Regulations, 2025. These regulations amend the 2016 regulations concerning corporate insolvency resolution processes, with changes focusing on information disclosure and the treatment of avoidance transactions in resolution plans. The regulations come into force on the date of their publication in the Official Gazette: July 4, 2025.
Key Points / Main Content:
Amendments to Regulations:
Regulation 36 Amendment:
The words "and its subsequent updates thereof" are to be inserted after "insolvency commencement date" in subregulation 1.
Regulation 36 Amendment:
A new clause (ha) is inserted in subregulation 2, requiring details of identified avoidance transactions under Chapter III or fraudulent/wrongful trading under Chapter VI of Part II of the Code, and subsequent filings before the Adjudicating Authority, as per regulation 35A(3A).
Regulation 38 Amendment:
A new subregulation (2A) is inserted, stipulating that a resolution plan shall not assign avoidance transactions or fraudulent/wrongful trading under Chapter III or VI of Part II of the Code if they were not disclosed in the information memorandum and communicated to prospective resolution applicants under regulation 35A(3A) before the last date for submission of resolution plans.
Exception:
The new subregulation (2A) does not apply to resolution plans submitted to the Adjudicating Authority under section 30(6) on or before the commencement date of these Fifth Amendment Regulations (July 4, 2025).
Impact Analysis:
Resolution Professionals:
Impact:
Increased responsibility to disclose avoidance transactions and fraudulent/wrongful trading details to prospective resolution applicants.
Must ensure information memorandum and updates include the required details.
Action Required:
Implement procedures to identify, document, and disclose avoidance transactions and fraudulent/wrongful trading as per the amended regulations.
Prospective Resolution Applicants:
Impact:
Access to more comprehensive information, including details of avoidance transactions, to aid in formulating resolution plans.
Action Required:
Review provided information on avoidance transactions and fraudulent/wrongful trading when preparing resolution plans.
Adjudicating Authority:
Impact:
Resolution plans involving avoidance transactions are subject to the new disclosure requirements.
Corporate Debtors:
Impact:
The resolution process will be affected by the increased transparency requirements regarding avoidance transactions.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India that oversees insolvency proceedings and regulates insolvency professionals.
Insolvency and Bankruptcy Code, 2016: An Indian law that consolidates and amends laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner.
New Delhi: The location of the notification, New Delhi, Delhi, India.
Insolvency Resolution Process for Corporate Persons Regulations, 2016: Regulations framed by the Insolvency and Bankruptcy Board of India regarding the process for resolving insolvency of corporate entities.
Insolvency Resolution Process for Corporate Persons Fifth Amendment Regulations, 2025: An amendment to the Insolvency Resolution Process for Corporate Persons Regulations, 2016.
Ravi Mital: Chairperson of the Insolvency and Bankruptcy Board of India.
Adjudicating Authority: Authority for resolution of disputes.
Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons Fourth Amendment Regulations, 2025: Fourth Amendment Regulations, 2025 to the Insolvency Resolution Process for Corporate Persons Regulations, 2016
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एलxx.x-GअID.-H0x5xx0 72025-264421
CG-DLxx-xEG-I0D5E0x7x2x0 25-264421
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 478] नई दिल्ली, िुिवार, िुलाई 4, 2025/आषाढ़ 13, 1947
No. 478] NEW DELHI, FRIDAY, JULY 4, 2025/ASHADHA 13, 1947
भारतीय दिवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई दिल्ली, 4 िुलाई, 2025
भारतीय दिवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) (पाचं वा सिं ोधन)
जवजनयम, 2025
फा. स.ं आई.बी.बी.आई./2025-26/िी.एन./आर.ई.िी.128 - 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 (कारपोरेट व्यजियों के जलए
दिवाला समाधान 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(कारपोरेट व्यजियों के जलए दिवाला
समाधान प्रदिया) (पांचवा संिोधन) जवजनयम, 2025 ि ै।
(2) य े रािपत्र में प्रकािन की तारीख को प्रवृत्त िोंग े ।
4423 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
2. भारतीय दिवाला और िोधन अक्षमता बोड ड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) जवजनयमन,
2016 (जिन्ि ेंइसमें इसके पश्चात् ‘मूल जवजनयम’ किा गया ि)ै के जवजनयम 36 में,
(i) उप-जवजनयम (1) में, “दिवाला प्रदिया प्रारंभ िोने की तारीख से पचानवें दिन को या उससे पूवड” िब्िों के पश्चात ्
“और उसके पश्चात्वती अद्यतन” िब्ि अतं ःस्ट्थाजपत दकए िाएंग े ।
(ii) उप-जवजनयम (2) में, खंड (ि) के पश्चात.् जनम्नजलजखत खंड अंतःस्ट्थाजपत दकया िाएगा, अथाडत् :-
“(िक) संजिता के भाग 2 के अध्याय 3 के अधीन, समस्ट्त अजभलजक्षत पठरविडनीय संव्यविारों या अध्याय 6 के
अधीन कपटपूण डया िोषपणू ड व्यापार और जवजनयम 35क के उप-जवजनयम (3क) के अधीन यथा-जनर्िडष्ट न्यायजनणाडयक
प्राजधकारी के समक्ष पश्चात्वती फाइललंग के ब्यौरे ।”
3. मूल जवजनयमों के जवजनयम 38 में, उप-जवजनयम (2) के पश्चात् जनम्नजलजखत उप-जवजनयम अतं ःस्ट्थाजपत दकया
िाएगा, अथाडत:् -
“(2क) दकसी समाधान योिना में, संजिता के भाग 2 के अध्याय 3 के अधीन दकन्िीं ऐसे पठरविडनीय संव्यवह्रारों या
अध्याय 6 के अधीन दकन्िीं ऐसे कपटपूणड और िोषपूण डव्यापार के असाइनमेंट के जलए कोई उपबंध निीं िोगा जिन्ि,ें
(क) सूचना ज्ञापन में प्रकट निीं दकया गया था; और
(ख) जवजनयम 35क के उप-जवजनयम (3क) के अधीन समस्ट्त भावी समाधान आवेिकों को समाधान योिनाए ंप्रस्ट्तुत
करने की अंजतम तारीख से पूव डसूजचत निीं दकया गया था:
परन्त ु यि उप-जवजनयम ऐसी दकसी समाधान योिना को लाग ू निीं िोगा िो न्यायजनणाडयक प्राजधकारी को, धारा
30 की उपधारा (6) के अधीन भारतीय दिवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए दिवाला
समाधान प्रदिया) (पांचवा सिं ोधन) जवजनयम, 2025 के प्रारंभ िोने की तारीख को या उससे पूवड प्रस्ट्तुत की
गई ि।ै ”
रजव जमत्तल, अध्यक्ष
[जवज्ञापन-III/4/असा./211/2025-26]
ठटप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) जवजनयमन,
2016, भारत के रािपत्र, असाधारण, भाग 3, खडं 4 स.ं 432, तारीख 30 नवम्बर, 2016 में अजधसूचना
सं. आई.बी.बी.आई./2016-17/िी.एन./आर.ई.िी.004, तारीख 30 नवम्बर, 2016 द्वारा प्रकाजित दकए गए थ े
और उनमें अंजतम सिं ोधन भारत के रािपत्र, असाधारण, भाग 3, खडं 4, सं. 390, तारीख 26 मई, 2025 में,
अजधसूचना सं. आई.बी.बी.आई./2025-26/िी.एन./आर.ई.िी.127, तारीख 26 मई, 2025 द्वारा प्रकाजित
भारतीय दिवाला और िोधन अक्षमता बोड ड(कारपोरेट व्यजियों के जलए दिवाला समाधान प्रदिया) (चौथा संिोधन)
जवजनयम, 2025 द्वारा दकया गया था ।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 4th July, 2025
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth
Amendment) Regulations, 2025.
F. No. IBBI/2025-26/GN/REG128.— 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 Corporate Persons) Regulations, 2016, namely:-
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process
for Corporate Persons) (Fifth Amendment) Regulations, 2025.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 (hereinafter referred to as ‘the principal regulations’), in regulation 36,
(i) in sub-regulation (1), after the words “insolvency commencement date”, the words and mark “, and its
subsequent updates thereof”, shall be inserted.
(ii) in sub-regulation (2), after clause (h), the following clause shall be inserted, namely:-
“(ha) details of all identified avoidance transactions, if any, under Chapter III or fraudulent or wrongful trading
under Chapter VI of Part II of the Code and subsequent filings before Adjudicating Authority, as referred under
sub-regulation (3A) of regulation 35A;”
3. In the principal regulations, in regulation 38, after sub-regulation (2), the following sub-regulation shall be inserted,
namely: -
“(2A) A resolution plan shall not provide for assignment of any avoidance transactions under Chapter III or
fraudulent or wrongful trading under Chapter VI of Part II of the Code that were not:
(a) disclosed in the information memorandum; and
(b) intimated to all prospective resolution applicants under sub-regulation (3A) of regulation 35A before the
last date for submission of resolution plans:
Provided that this sub-regulation shall not apply to any resolution plan that has been submitted to the
Adjudicating Authority under sub-section (6) of section 30 on or before the date of commencement of the
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth
Amendment) Regulations, 2025.”
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./211/2025-26]
Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 were published vide notification No. IBBI/2016- 17/GN/REG004, dated 30th November,
2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and were last
amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) (Fourth Amendment) Regulations, 2025 published vide notification No. IBBI/2025-26/GN/REG127,
dated the 26th May, 2025 in the Gazette of India, Extraordinary, Part III, Section 4, No. 390 on 26th May, 2025.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.