RECENT AMENDMENTS TO IBC REGULATIONS – PART I

Recent amendments

The Insolvency and Bankruptcy Board of India (‘Board’ for short) brought amendments to the regulations of Insolvency and Bankruptcy Code (‘Code’ for short) on 01.06.2026, and notified the same,  as detailed below-

• Insolvency and Bankruptcy Board (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2026;
• Insolvency and Bankruptcy Board (Inspection and Investigation) (Amendment) Regulations, 2026;
• Insolvency and Bankruptcy Board (Information Utilities) (Amendment) Regulations, 2026;
• Insolvency and Bankruptcy Board (Pre-Packaged Insolvency Resolution Process) (Amendment) Regulations, 2026;
• Insolvency and Bankruptcy Board (Voluntary Liquidation Process) (Amendment) Regulations, 2026;
• Insolvency and Bankruptcy Board (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2026;
• Insolvency and Bankruptcy Board (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2026;
• Insolvency and Bankruptcy Board (Liquidation Regulations) (Fourth Amendment) Regulations, 2026;
• Insolvency and Bankruptcy Board (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026.

The provisions of all these regulations came into effect from 02.06.2026. 

Amendment to regulations for grievance and complaint handling

This Regulation was amended by the IBBI and notified vide No. IBBI/2026-27/GN/REG 144, dated 01.06.2026, notified on 02.06.2026. 

Regulation 2(1)(i) defines the expression ‘service provider’ as an insolvency professional agency, an insolvency professional, an insolvency professional entity or an information utility.  The amendment substitutes the words ‘shall have the meaning as assigned to section 3(3A) of the Code’ for the words ‘an insolvency professional agency, an insolvency professional, an insolvency professional entity or information utility.’

Section 3(3A) of the Code defines the expression ‘service provider’ as an insolvency professional, insolvency professional agency, information utility, registered valuer and any person falling within the category of persons notified by the Central Government, for rendering services in relation to insolvency and bankruptcy processes under this Code and is registered with the Board.

Regulation 3(3) provides that astakeholder, who wishes to file a complaint, shall file it with the Board inForm Aalong with a demand draft for two thousand and five hundred rupees drawn in favour of the Insolvency and Bankruptcy Board of India payable at New Delhi or an online acknowledgement of two thousand and five hundred rupees paid to the credit of the Board towards fee.

The amendment substituted the words ‘in such format as notified by the Board’ for the word ‘Form A’.

Amendment to inspection and investigation regulations

This Regulation was amended by the IBBI and notified vide No. IBBI/2026-27/GN/REG 145, dated 01.06.2026, notified on 03.06.2026. 

Regulation 2(1)(c) defines the expression ‘Disciplinary Committee’ as a committee consisting of whole-time member(s) constituted by the Board under sub-section (1) Section 220 of the Code.   The amendment substituted the words ‘consisting of one or more persons as provided’ for the words ‘consisting of whole-time member(s) constituted by the Board’. 

The proviso to Regulation 2(1)(c) provides that the whole-time member (s) in the Disciplinary Committee shall not be associated with the investigation or inspection.  The amendment substituted the word ‘person(s)’ for the words ‘whole time member(s)’.

Regulation 2(1)(j) defines the expression ‘service provider’ an insolvency professional, insolvency professional agency, information utility.  The amendment substitutes the words ‘shall have the meaning as assigned to section 3(3A) of the Code’ for the words ‘an insolvency professional agency, an insolvency professional, an insolvency professional entity or information utility.

Regulation 13(1) provides that the Disciplinary Committee, after providing an opportunity of being heard to the noticee, shall dispose of the show-cause notice by a reasoned order.  Regulation 13(3) provides that order under sub-regulation (1) may provide for any of the actions or directions under sub-sections (2), (3) and (4) of section 220.  The amendment add the term ‘or directions’ after the word ‘actions’.

Regulation 14(1) provides that where a direction has been issued by the Disciplinary Committee, to any person to disgorge the amount under sub-section (4) of section 220, the Board shall endeavour to realize the amount of disgorgement expeditiously.  The amendment inserted the words ‘by the Disciplinary Committee’ after the word ‘issued’.

Regulation 14(3) provides that the persons referred to in sub-regulation (2) shall submit claims in Form A within 30 days of the public announcement.

The amendment substituted the words ‘such format as notified by the Board’ for the word ‘Form A’.

The amendment omitted the ‘Form’ after Chapter V in which Form A format is given.

Amendment to Information Utilities Regulations

The Insolvency and Bankruptcy Board (Information Utilities) was amended by the Board and notified vide Notification No. IBBI/2026-27/GEN/REG 146 and notified the same.  These regulations came into effect from 03.06.2026.

Amendment to Regulation 2

The sub regulation 2(1)(la) defines the expression ‘record of default’ as the status of authentication of default issued in Form D of the schedule. The amendment substituted the words ‘such format as notified by the Board through circular’ for the word ‘Form D of the Schedule.

The amendment inserted a sub regulation (lb) to the regulation 2(1) which defines the expression ‘information of disputes’ as the status of authentication of default issued in such format as notified by the Board through circular.

The amendment omitted the Regulation 2(1)(p) which defines the term ‘Schedule’ as schedule attached to these regulations.

The amendment further inserted an Explanation to the regulation 2(1) which provides that for the purpose of these regulations, unless the context otherwise requires, reference to the term ‘debtor’ shall include ‘corporate debtor.

Amendment of Regulation 4

Regulation 4 provides for filing the application for registration or renewal.

Regulation 4(1) provides that a  person eligible for registration as an information utility may make an application to the Board in Form A of the Schedule, along with a non-refundable application fee of ten lakh rupees.

Regulation 4(2) provides that an information utility seeking renewal of registration shall, at least six months before the expiry of its registration, make an application for renewal in Form A of the Schedule, along with a non-refundable application fee of ten lakh rupees.

The amendment substituted the words ‘such format as notified by the Board through circular’ for the expressions ‘Form A of the Schedule’ in 4(1) and 4(2).

Amendment of Regulation 5

Regulation 5 provides for the registration of information utility.  Regulation 5(4) provides that if the Board is satisfied that is eligible to grant registration, it may grant or renew a certificate of registration to the applicant as an information utility in Form B of the Schedule  within sixty days of receipt of the application, excluding the time given by the Board for removing the deficiencies, or presenting additional documents or clarifications, or appearing in person, as the case may be.

The amendment substituted the words ‘such format as notified by the Board through circular’ for the words ‘Form B of the Schedule’.

Amendment of Regulation 15

Regulation 15 provides that an Information Utility shall have a bye-laws. Regulation 15(3)(ba) provides for the minimum service quality standards, including timelines in the byelaws.  The amendment inserted a new sub-regulation (iv) to Regulation 15(3)(ba).  After incorporating the new insertion the Regulation 15(3)(ba) provides that the bye-laws shall provide for-

1. registration of users,
2. issuance of record of default,
3. issuance of annual statement to registered users; and
4.  issuance of information of dispute.

Amendment of Regulation 20

Regulation 20 (1) provides that an information utility shall accept information submitted by a user in Form C of the schedule. such format as notified by the Board through circular.

The amendment substituted the words ‘such format as notified by the Board through circular’ for the words ‘Form C of the Schedule’.

Amendment of Regulation 21

Regulation 21 provides the authentication of default by the Information Utility.  Regulation 21 (3)(iii) provides that the Information Utility shall deliver the information of default or reminder to the debtor either by hand, post or electronic means at the postal or e-mail address of the debtor submitted in Form C of the Schedule-

1.  by a financial creditor, which is a bank included in the second schedule of the Reserve Bank of India Act, 1934;

The amendment substituted the words ‘such format as notified by the Board through circular’ and ‘ by a financial creditor, which is a financial institution as defined in clause (14) of section 3 of the Code’ for the words ‘by a financial creditor, which is a bank included in the second schedule of the Reserve Bank of India Act, 1934’. 

The amendment substituted the following regulation 21(3) for the existing one-

(3) On completion of the process under sub-regulation (2), the information utility shall record the status of authentication of information of default as indicated in the table below:

TABLE

Provided that in case of financial institution as defined in clause (14) of section 3 of the Code, when a debtor disputes a part of the default amount or such dispute is in respect of only non-financial information, then the information utility shall record the status of authentication as ‘authenticated’ in respect of the undisputed default amount.

Regulation 21(4) provides that after recording the status of information of default under sub-regulation (3), the information utility shall communicate the status of authentication in physical or electronic form of the relevant colour, as indicated in column (4) of the Tables 1 or 2, as the case may beby issuing a record of default in Form D of the Schedule,to the registered users who are-

(a) creditors of the debtor who has defaulted in payment of a debt;

(b) parties and sureties, if any, to the debt in respect of which the information of default has been received.

The amendment substituted the words ‘a record of default or information of dispute in such format as notified by the Board through circular, as indicated in column (4) of the Table, above’ for the words ‘a record of default in Form D of the Schedule.

Amendment of Regulation 21A

The heading of Regulation 21A is ‘Verification of information Record of Default before issuance of a record of default’.  The amendment substituted the words ‘a record of default or information of disputefor the words ‘a record of default’.

Regulation 21A (1) provides that an information utility shall verify the key details such as e-mail address of the debtor, document showing proof of debt, latest acknowledgment of debt by the debtor and proof of default before issuance of record of default in Form D of the Schedule  under regulation 21.

The amendment substituted the words ‘such format as notified by the Board through circular’ for the words Form D of the schedule.

Section 21A (3) provides that in case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, an information utility shall issue a record of default with the status of authentication as ‘disputed’for the default amount for which evidence of dispute has been received and verified, and issue a record of default with the status of authentication as ‘authenticated’ in respect of the balance default amount.

The amendment substituted the words ‘financial institutions as defined in clause (14) of section 3 of the Code’ for the words ‘banks included in the second schedule of the Reserve Bank of India Act, 1934’.  The amendment further substituted the words ‘information dispute’ for the words ‘a record of default with the status of authentication as ‘disputed’.

Amendment of Regulation 27

Regulation 27 prescribes the duties of the user.  The regulation 27(1) provides that a user, who has submitted information in Form C of the schedule to an information utility, shall submit the information updated as on the last day of every month, in the first week of following month.

The amendment substituted the words ‘such format as notified by the Board through circular’ for the words ‘Form C of the schedule’