IBBI notifies CIRP (Third Amendment) Regulations tightening initiation disclosure, information access and claim timelines
IBBI's CIRP Third Amendment requires fuller initiation disclosure from operational creditors and corporate applicants, empowers the resolution professional to demand records from creditors and authorities, and mandates reasoned claim decisions within seven days
🇮🇳
IBBI
·
Change
On 4 June 2026, IBBI notified the CIRP (Third Amendment) Regulations, 2026 under the IBC (Amendment) Act, 2026. Operational creditors and corporate applicants must file fuller initiation information (GST records, e-way bills, asset particulars); the resolution professional can call for records from creditors, financial institutions and authorities, with creditors required to share records at the first CoC meeting; claim admit/reject decisions must be communicated with reasons within seven days; a section 28A framework governs guarantor-asset transfers; and section 12A withdrawals require a defined filing window plus a bank guarantee or demand draft for process costs.
Why it matters
The amendments raise the information available in the CIRP and tighten its timelines. At initiation, operational creditors must file GST records and e-way bills where applicable and details of part-payments, assignments, guarantees and pending proceedings, while corporate applicants must supply key financial and asset particulars from their books of account. The resolution professional gains express power to call for information from creditors, financial institutions and statutory authorities, and every creditor must share relevant records at the first CoC meeting. The resolution professional must convey a reasoned decision to admit or reject each claim, in whole or part, within seven days. A section 28A framework governs guarantor-asset transfers with inter-professional coordination, and the CoC must factor such asset values into resolution-plan consideration. Section 12A withdrawals must be filed within a defined window and backed by a bank guarantee or demand draft towards process costs.
Implications
- — Operational creditors initiating a CIRP must file fuller information with their applications — including GST records and e-way bills where applicable, and details of part-payments, assignments, guarantees and pending proceedings — and corporate applicants must provide key financial and asset particulars from their books of account; applications lacking these no longer meet the initiation requirement.
- — All creditors must share records in their possession relating to the corporate debtor's assets and liabilities at the first meeting of the committee of creditors and comply with the resolution professional's express power to call for information from creditors, financial institutions and statutory authorities.
- — Resolution professionals must convey a reasoned decision to admit or reject each claim, in whole or in part, to the concerned creditor within seven days, and must apply the new section 28A framework and the section 12A withdrawal discipline (defined filing window plus bank guarantee or demand draft for process costs).
See full brief
Use 1 free preview to unlock implications, who’s affected, what to watch, and Clarify for this brief.
2 free previews left this month · Resets 1 Jul
Source