Insolvency resolution plans now must include beneficial ownership details and an affidavit on section 32A eligibility.
The amendment to regulation 38 requires every resolution plan to include a statement of beneficial-ownership, in a Board-notified format, identifying all natural persons who ultimately own or control the resolution applicant with the shareholding structure and jurisdiction of each intermediate entity; and an affidavit, in a format specified by the Board, stating whether the resolution applicant is eligible or not eligible for the benefit of section 32A.

Insolvency professionals face assignment caps: max 10 cases and three large-scale engagements over Rs. 1000 crore.
An insolvency professional who is not an insolvency professional entity is restricted to ten aggregate assignments as interim resolution professional, resolution professional and liquidator, with not more than three assignments involving admitted claims exceeding one thousand crore rupees each; professionals exceeding these limits at commencement cannot accept new assignments until their ongoing assignments fall below the specified limits.

Personal guarantor insolvency process: resolution professionals must file prescribed electronic Forms; late filing incurs fees and regulatory consequences.
Regulation 23 requires resolution professionals to file specified Forms with enclosures on the Board's electronic platform within timelines notified by the Board, ensuring accuracy and completeness. Late filing attracts a fee of five hundred rupees per Form for each calendar month of delay after the notified due date. The resolution professional is subject to such action as the Board may take under the Code or regulations, including refusal to issue or renew Authorisation for Assignment, for failure to file, for inaccurate or incomplete filings, or for delay.

Insolvency process amendment removes specific regulatory provisions and narrows form disclosure requirements under the code.
The amendment, made under the Insolvency and Bankruptcy Code, takes effect on publication and implements targeted changes: it omits regulation 39C, modifies regulation 39D by adding a conjunction after the Companies Act reference in clause (a) and omitting clause (b), and deletes point (b) of paragraph 15 in Form H, thereby removing specified regulatory provisions and a form requirement from the principal regulations.

Liquidation process regulations amended to apply prospectively and remove specified clauses affecting going concern sales.
The 2025 amendment applies prospectively to liquidations where sale as a going concern has not commenced, omits clause (f) of regulation 31A(1), rewords and removes specified subclauses of regulation 32 including insertion of "or", substitution of punctuation and omission of clauses (e) and (f) with a proviso reference change, and omits regulation 32A, thereby removing identified provisions and realigning internal references in the liquidation regulations.

Avoidance transactions disclosure required: resolution plans cannot assign undisclosed avoidance or fraudulent trading claims and must notify applicants.
A new prohibition bars resolution plans from assigning avoidance transactions under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code unless those matters were disclosed in the information memorandum and intimated to all prospective resolution applicants before the last date for submission of resolution plans; a proviso exempts plans already submitted to the Adjudicating Authority prior to commencement of these amendments.

Payment priority in staged resolution plans grants pro rata priority to financial creditors who opposed the plan in each stage.
The amendments permit the committee to invite interim finance providers to attend meetings as non-voting observers and empower the resolution professional, with committee approval, to invite expressions of interest for resolution plans for the corporate debtor as a whole, for sale of one or more assets, or both. A sub-regulation of regulation 36B is omitted. Staged-payment resolution plans must pay financial creditors who did not support the plan at least pro rata and in priority over supporting creditors in each stage. Regulation 39 is amended to require reporting of non-compliant plans and to clarify cross-references to compliant plans.

Filing of insolvency forms: new monthly and event-based electronic submission rules with sanctions for late or inaccurate filings.
Regulation 40B requires interim resolution professionals and resolution professionals to file specified Forms CP-1 through CP-5 on the Board's electronic platform within fixed timelines tied to CIRP milestones and monthly reporting. The Board will provide and may modify the Forms; filings must be accurate and complete. Late submission attracts a monthly fee, and non compliance, inaccuracies or delays may attract Board actions including refusal to issue or renew Authorisation for Assignment under the Code or related regulations.

Non submission of repayment plan: resolution professional must notify adjudicating authority and seek directions with creditors' approval.
Regulation 17B requires that where a debtor fails to prepare a repayment plan under section 105, the resolution professional, with creditors' approval, must file an application before the Adjudicating Authority intimating the non-submission and seek appropriate directions.

Compliance Certificate for resolution plans ensures detailed procedural disclosure and certification of statutory eligibility and plan compliance under CIRP framework.
The amendment substitutes Form H with a detailed Compliance Certificate requiring the resolution professional to certify that the resolution plan complies with the Code and CIRP Regulations, that the resolution applicant has submitted the required affidavit of eligibility, and that the plan was approved by the CoC after consideration of feasibility and viability. The form mandates comprehensive disclosure of CIRP chronology, valuation metrics, admitted claims and plan value, voting particulars, details of the successful resolution applicant, implementation mechanisms, treatment of contested transactions, regulatory fee compliance, and an annexure mapping plan provisions to statutory and regulatory requirements.

Amendment to Insolvency Professional Regulations substitutes 'twelve' with 'twenty-four' in regulation 5(a), altering the stated timeframe.
The amendment regulations take effect on Gazette publication and, under the Board's Code powers, make a single textual change: in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, clause (a) of regulation 5 substitutes the word "twelve" with the words and the mark "twenty-four". The notification cites its file reference and notes prior publication and earlier amendment history.

Facilitator appointments bolster sub class creditor representation and mandate possession transfer and development rights reporting in real estate insolvency.
New regulations require the resolution professional, after committee approval, to hand over possession and facilitate registration where an allottee has performed contractual obligations. For very large creditor classes, the committee may appoint up to five facilitators for sub classes meeting request thresholds; facilitator fees are fixed as a percentage of authorised representative fees and included in insolvency process costs. Resolution professionals must prepare and submit, within the prescribed timeline, a report on development rights and permissions for any real estate project to the committee and Adjudicating Authority.

Liquidator filing obligations tightened with mandated electronic LIQ forms and compliance-linked penalties for reporting and auction processes.
The amendments require a Corporate Liquidation Account, mandate electronic filing of LIQ forms covering liquidation phases with accuracy and late-filing fees, and permit regulatory action for non-compliance. Auction rules now mandate bidder access for due diligence, an undertaking on ineligibility, prompt verification of the highest bidder by the liquidator, presentation of results to the consultation committee, and procedures to forfeit earnest money and consider the next bidder if ineligibility is found. Schedule and form revisions enhance disclosure of stakeholders entitled to unclaimed dividends and undistributed proceeds.

Voluntary liquidation filing obligations require periodic electronic submission of prescribed forms, accuracy, and fees for late filings.
The amendment requires the Board to maintain a Corporate Voluntary Liquidation Account with a scheduled bank, omits regulation 33, and inserts Regulation 41A imposing electronic filing obligations for Forms VL1-VL4 with event-linked timelines. Liquidators must ensure filings are accurate and complete; late submissions incur a fee per Form per month. The Board may take actions for failures, inaccuracies, or delays including refusal to issue or renew Authorisation for Assignment. Schedule I Form G is revised to require detailed stakeholder identification, amounts due, tax applicability and deduction details for unclaimed dividends or undistributed proceeds.

Grievance handling timeframe now runs from closure of all proceedings related to the insolvency process before adjudicatory fora.
The proviso to regulation 3(4) is amended so that the timeframe for lodging grievances runs from the date of closure of all proceedings related to the process under the Code before the Adjudicating Authority, the Appellate Authority, the High Court, or the Supreme Court, as the case may be.

Association in investigations clarified: involvement in conduct, report consideration or issuance of show cause notices now included.
The amendment inserts an explanation that "associated" means involvement in the conduct of an inspection or investigation, in the consideration of the inspection or investigation report, or in the issuance of a show cause notice, thereby clarifying the scope of association for regulatory investigatory purposes under the existing Inspection and Investigation Regulations.

Timeline extension increases procedural time limits for governance of insolvency professional agencies under model bye laws.
Amendment revises temporal limits in the model bye laws by substituting the shorter timelines in the proviso to sub clause (3) and in sub clause (5) of clause 12A with a longer period, thereby extending specified procedural time limits applicable to governance and compliance processes of insolvency professional agencies; the amendment takes effect on publication in the Official Gazette and is issued under the Board's enabling powers.