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Date: 2026-06-02 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by clause (t) of subsection (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board

Issued by Insolvency and Bankruptcy Board of India · Not Applicable

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Executive Summary & Key Takeaways

**Executive Summary** The Insolvency and Bankruptcy Board of India (IBBI) issued the (Second Amendment) Regulations, 2026, to modify the bankruptcy process for personal guarantors to corporate debtors. Effective from June 2, 2026, the amendment introduces new protocols for the facilitation of asset transfers and replaces static forms with dynamic versions to be notified via Board circulars. The regulations emphasize coordination between bankruptcy trustees and resolution professionals to streamline the insolvency process. **Key Points / Main Content** **Procedural and Form Revisions** * **Omission of Definitions:** Clause (g) of regulation 2 in the principal regulations is removed. * **Replacement of Standard Forms:** References to "Form A" and "Form B" are replaced with "such form as notified by the Board through circular." * **Removal of Schedules:** Form A and Form B are officially omitted from the principal regulations to allow for administrative flexibility via circulars. * **Legislative Referencing:** Regulation 10(3)(h) is updated to include a reference to "section 164A." **Facilitation of Asset Transfers (New Regulation 20A)** * **Mandatory Coordination:** The bankruptcy trustee of a personal guarantor must coordinate with the resolution professional of the relevant corporate debtor regarding the transfer of assets under section 28A. * **Approval Requirements:** For asset transfers related to the corporate insolvency resolution process, the bankruptcy trustee must obtain prior approval from the meeting of the committee of creditors of the personal guarantor. * **Disclosure Standards:** Once approval is granted, the bankruptcy trustee is responsible for ensuring the proposed transfer is appropriately disclosed under regulation 7 and section 155. **Impact Analysis** **Bankruptcy Trustees** **Impact** They are now legally required to manage inter-process coordination and secure specific creditor approvals for asset transfers. **Action Required** Coordinate with resolution professionals regarding corporate debtor assets and ensure all approved transfers are disclosed per regulation 7 and section 155. **Committee of Creditors (of the Personal Guarantor)** **Impact** The committee gains the specific authority and responsibility to permit or deny the transfer of the guarantor's assets into the corporate insolvency resolution process. **Action Required** Review transfer proposals presented by the bankruptcy trustee and provide approvals where appropriate. **Resolution Professionals (of Corporate Debtors)** **Impact** They must now work in tandem with the personal guarantor’s bankruptcy trustee to facilitate asset transfers under section 28A. **Action Required** Engage in coordination efforts with bankruptcy trustees to manage asset transfers related to the corporate debtor’s insolvency resolution. **Personal Guarantors (Debtors)** **Impact** The process governing their assets during bankruptcy is now subject to more structured coordination and disclosure requirements. **Action Required** Adhere to the amended bankruptcy process and utilize new forms as notified by the Board's circulars.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The primary regulatory body issuing these amendment regulations to govern bankruptcy processes in India. Insolvency and Bankruptcy Code, 2016: The central legislation providing the legal framework and statutory authority for insolvency and bankruptcy proceedings. Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019: The principal regulations being amended to introduce new provisions for the facilitation of asset transfers. Committee of Creditors: The representative body of creditors responsible for granting approval for the transfer of assets within the insolvency resolution process.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 ससीी..जजीी..--डडीी..एएलल..--अअ..--0033006622002266--227733008888 xxxGIDHxxx CCGG--DDLL--EE--0033006622002266--227733008888 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 369] नई दिल्ली, मगं लवार, िनू 2, 2026/ज्य ष्े ि 12, 1948 No. 369] NEW DELHI, TUESDAY, JUNE 2, 2026/JYAISTHA 12, 1948 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू ना नई दिल्ली, 1 िून, 2026 भारतीय दिवाला और िोधन अक्षमता बोड(ड जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया)(िसू रा सिं ोधन) जवजनयम, 2026 फा. स.ं आई.बी.बी.आई./2026-27/िी.एन./आर.ई.िी.150.—भारतीय दिवाला और िोधन अक्षमता बोडड, दिवाला और िोधन अक्षमता सजं िता, 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(जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) जवजनयम, 2019 म ेंसंिोधन करन े के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत:् - 1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोडड(जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) (िसू रा संिोधन) जवजनयम, 2026 ि ै। (2) य ेरािपत्र में प्रकािन की तारीख को प्रवृत्त िोंग े। 3954 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 2. भारतीय दिवाला और िोधन अक्षमता बोडड(जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) जवजनयम, 2019 (जिन्ि ें इसमें इसके पश्चात् ‘मलू जवजनयम’ किा गया ि)ै के जवजनयम 2 के खडं (छ) का लोप दकया िाएगा। 3. मूल जवजनयमों के जवजनयम 3 के उप-जवजनयम (3) म,ें “प्ररूप क” िब्िों के स्ट्थान पर “ऐसे प्ररूप म,ें िो बोडड द्वारा पठरपत्र के माध्यम से अजधसूजचत दकया िाए” िब्ि रख ेिाएंग े । 4. मूल जवजनयमों के जवजनयम 10 के उप-जवजनयम (3) के खडं (ि) में, “धारा 164,” िब्ि, अंकों और जचह्न के पश्चात ् “धारा 164क,” अक्षरांकीय अंतःस्ट्थाजपत दकया िाएगा। 5. मूल जवजनयमों में, जवजनयम 20 के पश्चात,् जनम्नजलजखत जवजनयम अंतःस्ट्थाजपत दकया िाएगा, अथाडत्:- “20क. आजस्ट्तयों के अतं रण को सकु र बनाना (1) ििां ऋणी एक ऐसा व्यजिगत प्रत्याभूजतिाता ि,ै जिसके जवरुद्ध िोधन अक्षमता प्रदिया चल रिी ि,ै विा ंऐस े ऋणी का िोधन अक्षमता न्यासी, जिसने व्यजिगत प्रत्याभूजत िी ि,ै ऐसे जनगजमत ऋणी के समाधान व्यावसाजयक के साथ, जिसकी बाबत ऐसी प्रत्याभूजत िी गई ि,ै ऐसे जनगजमत ऋणी की जनगजमत दिवाला समाधान प्रदिया में, जिसकी बाबत धारा 28क के प्रयोिनों के जलए ऐसी प्रत्याभूजत िी गई ि,ै आजस्ट्त के अंतरण के संबंध म ें समन्वय करेगा । (2) धारा 28क के प्रयोिनों के जलए, ऐसे ऋणी का िोधन अक्षमता न्यासी ऋणी के लेनिारों की सजमजत की बैिक से, जिसने ऐस ेजनगजमत ऋणी की, जिसकी बाबत ऐसी प्रत्याभूजत िी गई ि,ै जनगजमत दिवाला समाधान प्रदिया म ें आजस्ट्त का अतं रण करन ेके जलए व्यजिगत प्रत्याभूजत िी गई, अनमु ोिन प्राप्त करेगा । (3) ििां लेनिारों की सजमजत द्वारा अंतरण अनुज्ञात करत ेहुए अनुमोिन प्रिान दकया िाता ि ैविा ंऐसे ऋणी का िोधन अक्षमता न्यासी यि सुजनजश्चत करेगा दक प्रस्ट्ताजवत अंतरण को जवजनयम 7 और धारा 155 के अधीन समुजचत रूप स ेप्रकट दकया िाए । 6. मूल जवजनयम के जवजनयम 26 के उप-जवजनयम (2) म,ें “प्ररूप ख” िब्िों के स्ट्थान पर “ऐसा प्ररूप, िो बोडड द्वारा पठरपत्र के माध्यम स ेअजधसूजचत दकया िाए” िब्ि रखे िाएंगे। 7. मूल जवजनयमों में, प्ररूप क और प्ररूप ख का लोप दकया िाएगा । रजव जमत्तल, अध्यक्ष [जवज्ञापन-III/4/असा./139/2026-27] ठटप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड(जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) जवजनयम, 2019, भारत के रािपत्र, असाधारण, भाग 3, खडं 4, स.ं 412, तारीख 20 नवम्बर, 2019 म ें अजधसूचना स.ं आई.बी.बी.आई./2019-20/िी.एन./आर.ई.िी.051, तारीख 20 नवम्बर, 2019 द्वारा प्रकाजित दकए गए थ े और उनम ें अंजतम संिोधन भारत के रािपत्र, असाधारण, भाग 3, खंड 4, स.ं 133, तारीख 25 फरवरी, 2026 म ें अजधसूचना स.ं आई.बी.बी.आई./2025-26/ िी.एन./आर.ई.िी.139, तारीख 25 फरवरी, 2026 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोडड(जनगजमत ऋजणयों के व्यजिगत प्रत्याभूजतिाताओं के जलए िोधन अक्षमता प्रदिया) (संिोधन) जवजनयम 2026 द्वारा दकया गया था ।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 1st June, 2026 Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2026 F. No. IBBI/2026-27/GN/REG150.— 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 (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Second 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 (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, (hereinafter referred to as ‘the principal regulations’), in regulation 2, clause (g) shall be omitted. 3. In the principal regulations, in regulation 3, in sub-regulation (3), for the word “Form A”, the words “such form as notified by the Board through circular” shall be substituted. 4. In the principal regulations, in regulation 10, in sub-regulation (3), in clause (h), after words, numerical and mark “section 164,”; the alphanumerical “164A, ” shall be inserted. 5. In the principal regulations, after regulation 20, the following regulation shall be inserted, namely:- “20A. Facilitation of transfer of assets. (1) Where the debtor is a personal guarantor who is undergoing a bankruptcy process, the bankruptcy trustee of such debtor who has given the personal guarantee shall coordinate with the resolution professional of the corporate debtor in respect of whom such guarantee has been given, regarding transfer of assets in the corporate insolvency resolution process of the corporate debtor in respect of whom such guarantee has been given for the purposes of section 28A. (2) For the purposes of section 28A, the bankruptcy trustee of such debtor shall obtain approval from the meeting of committee of creditors of the debtor who has given the personal guarantee for transfer of assets in the corporate insolvency resolution process of the corporate debtor in respect of whom such guarantee has been given. (3) Where approval is granted by the meeting of committee of creditors permitting the transfer, the bankruptcy trustee of such debtor shall ensure that the proposed transfer is appropriately disclosed under regulation 7 and section 155.”. 6. In the principal regulations, in regulation 26, in sub-regulation (2), for the words “Form B”, the words “such form as notified by the Board through circular” shall be substituted. 7. In the principal regulations, Form A and Form B shall be omitted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./139/2026-27] Note: The Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 were published vide notification No. IBBI/2019-20/GN/REG051, dated 20th November, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 412 on 20th November, 2019 and were last amended by the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors)(Amendment) Regulations, 2026 published vide notification No. IBBI/2025- 26/GN/REG139, dated the 25th February, 2026 in the Gazette of India, Extraordinary, Part III, Section 4, No.133 on 25th February, 2026. 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.

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