An important compliance requirement for resolution applicants by a recent notification has been introduced by the Insolvency and Bankruptcy Board of Indiain the Seventh Amendment to the Insolvency Resolution Process for Corporate Persons Regulations, 2016.
Every resolution plan submitted under theCorporate Insolvency Resolution Process (CIRP) has to include an elaborated statement of beneficial ownership and an affidavit to show eligibility under Section 32A of the Insolvency and Bankruptcy Code, 2016 from 22 December 2025’
As per the newly inserted sub-regulation (3A) under Regulation 38, resolution applicants are required to furnish a structured disclosure of all natural persons who ultimately own or control the…