TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026.
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....d Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, (hereinafter referred to as 'the principal regulations'), for regulation 2B, the following regulation shall be substituted, namely:- "2B. Information to be furnished by operational creditor. An operational creditor shall furnish the following information along with an application under sub-section (1) of section 9, namely :- (a) copies of relevant extracts of Form GSTR-1 and Form GSTR-3B filed under the provisions of the relevant laws relating to Goods and Services Tax and the copy of e-way bill wherever applicable: Provided that provisions of this regulation shall not apply to those operational creditors who do not require registration and to those goods and services which are not covered under any law relating to Goods and Services Tax; (b) details of any partial payment received from the corporate debtor in respect of the operational debt and the date of such payment; (c) details of assignment or transfer of the operational debt, if any, along with supporting documents; (d) details of any guarantee p....
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....h related parties for the preceding two financial years; (h) details of all regulatory approvals, licenses, and registrations required for business operations; (i) organization structure and details of key managerial personnel; (j) details of statutory compliances, including filings with the Ministry of Corporate Affairs, income tax, GST, and other applicable regulators; (k) details of joint development agreements and other similar collaboration or co-development arrangements, including rights, obligations, and interests of the corporate debtor arising thereunder; (l) details of assets which are under attachment by enforcement agencies, including particulars of the assets attached, the authority which has attached and the status of such proceedings; (m) details of demand notices, assessment orders or recovery proceedings under the Income-tax Act, 1961, the Central Goods and Services Tax Act, 2017, the Customs Act, 1962, the Central Excise Act, 1944, and analogous State legislations; (n) details of any provident fund, gratuity, employees' state insurance, or other workmen-related dues outstanding as on ....
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....hall be substituted. (ii) in clause (a) after the words, "regulation 36", the words "in such format as notified by the Board" shall be inserted. (c) in sub-regulation (2), for the words and mark, "The personnel of the corporate debtor, its promoters or any other person associated with the management of the corporate debtor", the words "Any person as covered under section 19", shall be substituted. (d) in sub-regulations (5) and (6), for the words and mark, "the personnel of the corporate debtor, its promoters or any other person associated with the management of the corporate debtor as the case maybe", the words "any person as covered under section 19", shall be substituted. 6. In the principal regulations, in regulation 4, for sub-regulation (3), the following sub-regulation shall be substituted, namely: - "(3) The interim resolution professional or resolution professional, as the case may be, may seek from any creditor including financial institutions and statutory authorities, such information or records as he may deem fit, including the relevant extracts of information in respect of assets and liabilities of the corporate debtor from the l....
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....3. In the principal regulations, in regulation 9A, in sub-regulation (1), for the words and mark "Form F of the Schedule-I", the words "such form as notified by the Board through circular" shall be substituted. 14. In the principal regulations, in regulation 13, for sub-regulation (1A), the following sub-regulation shall be substituted, namely: - "(1A) The interim resolution professional or the resolution professional, as the case may be, after verification of claims, either admit or reject the claim, in whole or in part, and shall communicate his decision of admission or rejection of claims to the creditor along with reasons for the same, within seven days of such admission or rejection of claims." 15. In the principal regulations, in regulation 16A, (a) in sub-regulation (1), for the words "Form CA received", the words and mark "such form as notified by the Board through circular, received" shall be substituted. (b) in proviso to sub-regulation (1) - (i) for the words "class in Form CA", the words "class in such Form", shall be substituted. (ii) for the words "if the Form CA", the words "if that Form", shall be substi....
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....Facilitation of transfer of assets. (1) Where the corporate debtor is a corporate guarantor undergoing a corporate insolvency resolution process, the resolution professional of such corporate debtor which has given the corporate guarantee shall coordinate with the resolution professional of the corporate debtor to whom such guarantee has been given, regarding transfer of assets in the corporate insolvency resolution process of the corporate debtor to whom such guarantee has been given. (2) For the purposes of section 28A, the resolution professional shall obtain approval from the committee of the corporate debtor which has given the corporate guarantee for the transfer of assets in the corporate insolvency resolution process of the corporate debtor to whom such guarantee has been given. (3) Where approval is granted by the committee of the corporate debtor as corporate guarantor permitting the transfer, the resolution professional of such corporate debtor shall ensure that the proposed transfer is appropriately disclosed in the information memorandum.". 17. In the principal regulations, for regulation 30A, the following regulation shall be substi....
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.... (c) in sub-regulation (3), for the words and mark "Form G in the Schedule-I", the words and mark "form as provided in sub-regulation (1)" shall be substituted. 21. In the principal regulations, in regulation 39, (a) after sub-regulation (3B), the following sub-regulations shall be inserted, namely: - "(3C) For the purpose of proviso to sub-section (1) of section 31, the resolution professional shall file the same in a Form as notified by the Board through circular. (3D) In case of multiple resolution plans, at least one of the resolution plans shall provide for resolution as a going concern.". (b) in sub-regulation (4), (i) for the word "fifteen", the word "thirty" shall be substituted. (ii) for the words and mark "Form H of the Schedule-I", the words "such form as notified by the Board through circular" shall be substituted. 22. In the principal regulations, in regulation 40A, in the table, (a) the row pertaining to "Section 12(A)/ Regulation 30A" shall be omitted. (b) in the row pertaining to "Regulation 36A", in the column titled "Description of Activity", for the words "Publish ....