IBBI notifies amendment regulations under Insolvency and Bankruptcy Code (Amendment) Act, 2026
Information Utilities, applicants under sections 94/95 and voluntary-liquidation liquidators must meet new filing, disclosure and notification procedures or breach the amended IBBI regulations
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IBBI
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Change
On 4 June, 2026, the Insolvency and Bankruptcy Board of India notified amendment regulations amending its Information Utilities, Pre-Pack, Voluntary Liquidation, personal guarantor insolvency and bankruptcy, grievance handling, and inspection/investigation regulations to give effect to the Insolvency and Bankruptcy Code (Amendment) Act, 2026.
Why it matters
The amendments require IUs to accept RoDs submitted by financial institutions as sufficient to progress default records and to produce a standardised 'Information of Dispute' output when debtors dispute defaults, fixing IU operational outputs. Applicants initiating personal-guarantor insolvency under sections 94 and 95 must submit a comprehensive asset statement across twelve specified categories, raising the documentation threshold at filing. Liquidators in voluntary liquidation must record reasons for rejecting claims and notify stakeholders within seven days, imposing a new procedural communications deadline.
Implications
- — Information Utilities must issue a Record of Default when a financial institution submits an RoD and the debtor either confirms the default or fails to respond after prescribed reminders, and must record an 'Information of Dispute' when the debtor disputes the RoD — non-compliance breaches the amended IU Regulations.
- — Applicants filing under sections 94 and 95 of the Code must attach a comprehensive statement of all assets across the twelve specified categories, including digital assets and beneficial interests — omission contravenes the amended personal-guarantor regulations.
- — Liquidators conducting voluntary liquidation must record reasons for rejecting a claim and communicate the decision to the stakeholder within seven days — failure to meet the seven-day notification requirement contravenes the amended Voluntary Liquidation Regulations.
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