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of <h1>IBBI mandates beneficial ownership statement and affidavit in every resolution plan, aligned to PMLA Rule 9(3), with 32A eligibility disclosure</h1> IBBI specifies the prescribed formats for the 'Statement of Beneficial Ownership' and the affidavit required under Regulation 38(3A) of the CIRP Regulations for inclusion in every resolution plan. The statement must disclose the prospective resolution applicant's beneficial owners, beneficial ownership determination being aligned to Rule 9(3) of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, and include particulars of intermediate entities and supporting documentary evidence; this standardises beneficial ownership disclosure in resolution plans. The affidavit must declare whether the prospective resolution applicant is eligible or not eligible to claim the benefit of section 32A of the Code, with brief supporting facts; the resolution professional must ensure both documents form part of the plan submitted to the committee of creditors and filed with the Adjudicating Authority under section 30(6).
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