Date: 2026-05-20Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 31 of 2016, the Insolvency and Bankruptcy Board of India
**Executive Summary**
The Insolvency and Bankruptcy Board of India (IBBI) notified the (Pre-Packaged Insolvency Resolution Process) (Second Amendment) Regulations, 2026, on May 19, 2026. These regulations amend the 2021 principal regulations to refine the procedures for appointing registered valuers and determining the fair and liquidation values of corporate debtors. The amendments come into force on the date of their publication in the Official Gazette.
**Key Points / Main Content**
**Appointment of Registered Valuers**
* **Timeline:** The resolution professional (RP) must appoint registered valuers within three days of their appointment.
* **Quantity:** The RP typically appoints one set of registered valuers, but the committee may decide to appoint two sets if the reasons are recorded in writing.
* **Purpose:** Registered valuers are appointed to determine both the fair value and the liquidation value of the corporate debtor.
**Eligibility and Restrictions**
* The following individuals/entities are prohibited from being appointed as registered valuers:
* Related parties of the corporate debtor.
* Auditors of the corporate debtor who served at any time during the five years preceding the pre-packaged insolvency commencement date.
* Partners or directors of the insolvency professional entity where the RP is also a partner or director.
* Relatives of the RP or relatives of the RP's partners/directors within the insolvency professional entity.
**Calculation of Fair Value and Liquidation Value**
* **Fair Value:** The fair value submitted by the coordinating valuer is considered the fair value of the corporate debtor.
* **Liquidation Value:** The aggregate of the estimates submitted by registered valuers for each asset class is considered the liquidation value.
* **Dual Valuations:** If two sets of registered valuers are appointed, the final fair value and liquidation value are determined by taking the average of the two sets of estimates provided.
**Impact Analysis**
**Stakeholder: Resolution Professionals (RPs)**
**Impact**
RPs are subject to a strict three-day deadline to appoint valuers and must ensure compliance with expanded conflict-of-interest and independence criteria.
**Action Required**
The RP must identify and appoint eligible registered valuers within three days of appointment and verify that no disqualifying relationships exist between the valuers, the corporate debtor, or the RP’s own professional entity.
**Stakeholder: Registered Valuers**
**Impact**
Valuers are subject to stricter eligibility requirements regarding their past relationship with the corporate debtor and current relationship with the RP. The methodology for their output (fair value vs. liquidation value) is specifically defined.
**Action Required**
Valuers must disclose any potential conflicts of interest according to the new five-year look-back period for auditors and relationship restrictions. They must provide estimates for fair value and liquidation value in accordance with the specified asset class aggregates.
**Stakeholder: Committee of Creditors (CoC)**
**Impact**
The CoC has the authority to request a more comprehensive valuation by appointing a second set of valuers, provided they justify the decision.
**Action Required**
If the CoC deems it necessary to appoint two sets of registered valuers, they must ensure the reasons for this decision are formally recorded in writing.
Key Entities Referenced
Insolvency and Bankruptcy Code, 2016: The primary legislation governing insolvency and bankruptcy proceedings in India, providing the statutory authority for these regulations.
Insolvency and Bankruptcy Board of India (IBBI): The regulatory authority responsible for overseeing insolvency processes and the body that issued these amendment regulations.
Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021: The principal regulations being amended to update the rules surrounding the appointment of valuers and determination of asset values.
Registered Valuers: Professional entities whose appointment criteria and role in determining fair and liquidation values are specifically redefined by this amendment.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-20052026-272742
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 330] नई ददल्ली, बुधवार, मई 20, 2026/विै ाख 30, 1948 ष 22, 1947
No. 330] NEW DELHI, WEDNESDAY, MAY 20, 2026/VAISAKHA 30, 1948 s 1947
भारतीय ददवाला और िोधन अक्षमता बोड ड
अजधसचू ना
नई ददल्ली, 19 मई, 2026
भारतीय ददवाला और िोधन अक्षमता बोडड (पवू -ड जनधारड रत ददवाला समाधान प्रदिया) (दसू रा सिं ोधन) जवजनयम, 2026
फा. स.ं आई.बी.बी.आई./2026-27/िी.एन./आर.ई.िी.143.—-भारतीय ददवाला और िोधन अक्षमता बोडड,
ददवाला और िोधन अक्षमता संजहता, 2016 (2016 का 31) की धारा 240 के साथ परित धारा 196 द्वारा प्रदत्त िजियों
का प्रयोग करत े हुए, भारतीय ददवाला और िोधन अक्षमता बोडड (पूव-ड जनधाडररत ददवाला समाधान प्रदिया) जवजनयम,
2021 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता है, अथाडत:् -
1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन अक्षमता बोडड (पूवड-जनधाडररत ददवाला समाधान
प्रदिया)(दसू रा संिोधन) जवजनयम, 2026 ह ै।
(2) य ेरािपत्र में प्रकािन की तारीख को प्रवृत्त होंग े।
2. भारतीय ददवाला और िोधन अक्षमता बोडड (पूवड-जनधाडररत ददवाला समाधान प्रदिया) जवजनयम, 2021 (जिन्ह ें
इसमें इसके पश्चात ्मलू जवजनयम कहा गया ह)ै म ेंजवजनयम 38 के स्ट्थान पर जनम्नजलजखत जवजनयम रखा िाएगा, अथाडत:् -
“38. रजिस्ट्रीकृत मल्ू याकं क की जनयजु ि
3614 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
समाधान व्यावसाजयक, अपनी जनयुजि के तीन ददन के भीतर कारपोरेट ऋणी के उजचत मूल्य और समापन
मूल्य का अवधारण करने के जलए रजिस्ट्रीकृत मूल्यांककों के एक समूह की जनयुजि करेगा, िब तक दक सजमजत, उन
कारणों स,े िो लेखबद्ध दकए िाएं, रजिस्ट्रीकृत मूल्यांककों के दो समूहों की जनयुजि करने का जवजनश्चय नहीं करती:
परन्त ुजनम्नजलजखत व्यजियों को रजिस्ट्रीकृत मल्ू यांककों के रूप में जनयुि नहीं दकया िाएगा, अथाडत्:-
(क) कारपोरेट ऋणी का कोई सबं ंजधत पक्षकार;
(ख) पूव-ड जनधाडररत ददवाला प्रारंभ होन े की तारीख स े पांच वषड पूव ड की अवजध के दौरान दकसी समय
कारपोरेट ऋणी का कोई लेखापरीक्षक;
(ग) ऐसी ददवाला व्यावसाजयक संस्ट्था का कोई भागीदार या जनदेिक, जिसका समाधान व्यावसाजयक
एक भागीदार या जनदेिक ह;ै या
(घ) समाधान व्यावसाजयक का या ऐसी ददवाला व्यावसाजयक संस्ट्था के, जिसका समाधान व्यावसाजयक
एक भागीदार या जनदेिक ह,ै दकसी भागीदार या जनदेिक का कोई नातेदार ।”
3. मूल जवजनयमों के जवजनयम 39 के उप-जवजनयम (1) म,ें
(i) खडं (क) म,ें “प्रत्येक समूह के भीतर” िब्दों के स्ट्थान पर “उस समूह के भीतर” िब्द रखे िाएंग े ।
(ii) खंड (क) म,ें “उस समूह के जलए” िब्दों का लोप दकया िाएगा ।
(iii) खडं (ख) में, “समन्वयक मूल्यांकक भी ह”ैं िब्दों के स्ट्थान पर “समन्वयक मूल्यांकक भी ह”ै िब्द रखे िाएंग े ।
(iv) खडं (ग) म,ें “उनके संबंजधत समूह” िब्दों के स्ट्थान पर “उनके समूह” िब्द रखे िाएगं े ।
(v) खंड (घ) म,ें “दकसी समूह” िब्दों के स्ट्थान पर “समूह” िब्द रखा िाएगा और “उस समूह के भीतर” िब्दों का
लोप दकया िाएगा ।
(vi) खडं (ङ) के स्ट्थान पर जनम्नजलजखत खंड रखा िाएगा, अथाडत्:-
“(ङ) खंड (घ) के अनुसार समन्वयक मूल्यांकक द्वारा यथा-प्रस्ट्तुत उजचत मल्ू य को कारपोरेट ऋणी का
उजचत मूल्य समझा िाएगा:
परन्त ु िहा ं जवजनयम 38 के अधीन रजिस्ट्रीकृत मल्ू यांककों के दो समूहों की जनयुजि की िाती ह ै
वहा ं समन्वयक मूल्यांककों द्वारा प्रस्ट्तुत उजचत मल्ू यों के दो प्राक्कलनों के औसत को कारपोरेट ऋणी का
उजचत मूल्य समझा िाएगा।”
(vii) खंड (च) के स्ट्थान पर, जनम्नजलजखत खडं रखा िाएगा, अथाडत्:-
“(च) प्रत्येक आजस्ट्त वग ड में रजिस्ट्रीकृत मल्ू यांकक द्वारा प्रस्ट्ततु दकए गए समापन मूल्य के प्राक्कलनों के कुल
योग को कारपोरेट ऋणी के समापन मूल्य के रूप में समझा िाएगा:
परन्त ु िहा ं जवजनयम 38 के अधीन रजिस्ट्रीकृत मल्ू यांककों के दो समूहों की जनयुजि की िाती ह ै
वहां प्रत्येक आजस्ट्त वगड म ें रजिस्ट्रीकृत मूल्यांककों द्वारा प्रस्ट्तुत समापन मूल्य के दो प्राक्कलनों के औसत के
कुल योग को कारपोरेट ऋणी का समापन मूल्य समझा िाएगा ।”
रजव जमत्तल, अध्यक्ष
[जवज्ञापन-III/4/असा./98/2026-27][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
रटप्पण : भारतीय ददवाला और िोधन अक्षमता बोड ड (पूव-ड जनधाडररत ददवाला समाधान प्रदिया) जवजनयम, 2021, भारत के
रािपत्र, असाधारण, भाग 3, खंड 4 स.ं 151, तारीख 9 अप्रैल, 2021 में अजधसूचना
सं. आई.बी.बी.आई./2021-22/िी.एन./आर.ई.िी.071, तारीख 9 अप्रलै , 2021 द्वारा प्रकाजित दकए गए थ े
और उनमें अंजतम संिोधन भारत के रािपत्र. असाधारण, भाग 3, खंड 4 सं. 138, तारीख 25 फरवरी, 2026
में अजधसूचना सं. आई.बी.बी.आई/2025-26/िी.एन./आर.ई.िी.138, तारीख 25 फरवरी, 2026 द्वारा
प्रकाजित भारतीय ददवाला और िोधन अक्षमता बोड ड (पूवड-जनधाडररत ददवाला समाधान प्रदिया)(संिोधन)
जवजनयम, 2026 द्वारा दकए गए थ े।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 19th May, 2026
Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Second
Amendment) Regulations, 2026
F. No. IBBI/2026-27/GN/REG143.— In exercise of the powers conferred by 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 (Pre-Packaged
Insolvency Resolution Process) Regulations, 2021, namely: -
1. (1) These regulations may be called Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency
Resolution Process) (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 (Pre-Packaged Insolvency Resolution Process) Regulations, 2021,
(hereinafter referred to as „the principal regulations‟), in regulation 38, the following regulation shall be substituted,
namely: —
“38. Appointment of registered valuers.
The resolution professional shall within three days of his appointment, appoint a set of registered valuers to determine
the fair value and the liquidation value of the corporate debtor, unless the committee decides, for reasons to be
recorded in writing, to appoint two sets of registered valuers:
Provided that the following persons shall not be appointed as registered valuers, namely: —
(a) a related party of the corporate debtor;
(b) an auditor of the corporate debtor at any time during the five years preceding the pre-packaged insolvency
commencement date;
(c) a partner or director of the insolvency professional entity of which the resolution professional is a partner or
director; or
(d) a relative of the resolution professional or of a partner or director of the insolvency professional entity of which the
resolution professional is a partner or director.”
3. In the principal regulations, in regulation 39, in sub-regulation (1),
(i) in clause (a) for the words “within each set” the words “within that set” shall be substituted.
(ii) in clause (a) the words “for that set” shall be omitted.
(iii) in clause (b) for the words “coordinating valuers” the words “the coordinating valuer” shall be substituted.
(iv) in clause (c) for the words “their respective set”, the words “the set” shall be substituted.
(v) in clause (d) for the words “a set”, the words “the set” shall be substituted and the words “within that set”
shall be omitted.
(vi) for clause (e), the following clause shall be substituted, namely:-
“(e) the fair value as submitted by the coordinating valuer in accordance with clause (d) shall be
considered as the fair value of the corporate debtor.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
Provided that where two sets of registered valuers are appointed under regulation 38, the average of the
two estimates of the fair value submitted by the coordinating valuers shall be considered as the fair value
of the corporate debtor.”
(vii) for clause (f), the following clause shall be substituted, namely:-
“(f) the aggregate of the estimates of the liquidation value submitted by registered valuer in each asset
class shall be considered as the liquidation value of the corporate debtor.
Provided that where two sets of registered valuers are appointed under regulation 38, the aggregate of the
average of the two estimates of the liquidation value submitted by registered valuers in each asset class
shall be considered as the liquidation value of the corporate debtor.”
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./98/2026-27]
Note : The Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations,
2021 were published vide notification No. IBBI/2021- 22/GN/REG071, dated 9th April, 2021 in the Gazette of
India, Extraordinary, Part III, Section 4, No. 151 on dated 9th April, 2021 and were last amended by the
Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Amendment)
Regulations, 2026 published vide notification No. IBBI/2025-26/GN/REG138, dated the 25th February, 2026
in the Gazette of India, Extraordinary, Part III, Section 4, No.138 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.