The Insolvency and Bankruptcy Board of India (IBBI) has taken a decisive step toward fortifying the integrity of corporate insolvency proceedings. On 6 November 2025, it released a Discussion Paper proposing mandatory declaration templates for beneficial ownership and Section 32A eligibility, marking a shift from discretionary disclosures to a standardized, verifiable framework. This move directly addresses concerns that the “clean slate” immunity offered to successful resolution applicants could be misused by individuals with questionable backgrounds hiding behind complex corporate structures.
The genesis of this proposal lies in feedback from stakeholders grappling with the practical implementation of the Insolvency and Bankruptcy…