Insolvency and Bankruptcy Board of India (IBBI) on
22nd December 2025, amended the IBBI (Insolvency
Resolution Process for Corporate Persons) Regulations (CIRP
Regulations) to introduce sub-regulation 3A to existing regulation
38 (Amendment).
In this regard, IBBI had on 6 November 2025 published a
discussion paper, inviting public comments on draft formats for
declaration of beneficial ownership by prospective resolution
applicants (PRAs) and a draft affidavit for the PRAs disclosing
whether they are eligible for benefit of Section 32A of the
Insolvency and Bankruptcy Code, 2016 (Code) or not (6 November DP).
The 6 November DP refers to an earlier discussion paper dated 6
August 2025, wherein IBBI proposed measures for…