In exercise of the powers conferred by clause (t) of subsection (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-03062026-273088 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 369] NEW DELHI, TUESDAY, JUNE 2, 2026/JYAISTHA 12, 1948 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 1st June, 2026 Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2026 F. No. IBBI/2026-27/GN/REG150.— In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, namely: 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Second Amendment) Regulations, 2026. (2) They shall come into force on the date of publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, (hereinafter referred to as 'the principal regulations'), in regulation 2, clause (g) shall be omitted. 3. In the principal regulations, in regulation 3, in sub-regulation (3), for the word "Form A", the words "such form as notified by the Board through circular" shall be substituted. 4. In the principal regulations, in regulation 10, in sub-regulation (3), in clause (h), after words, numerical and mark "section 164,"; the alphanumerical “164A, ” shall be inserted. 5. In the principal regulations, after regulation 20, the following regulation shall be inserted, namely:- "20A. Facilitation of transfer of assets. (1) Where the debtor is a personal guarantor who is undergoing a bankruptcy process, the bankruptcy trustee of such debtor who has given the personal guarantee shall coordinate with the resolution professional of the corporate debtor in respect of whom such guarantee has been given, regarding transfer of assets in the corporate insolvency resolution process of the corporate debtor in respect of whom such guarantee has been given for the purposes of section 28A. (2) For the purposes of section 28A, the bankruptcy trustee of such debtor shall obtain approval from the meeting of committee of creditors of the debtor who has given the personal guarantee for transfer of assets in the corporate insolvency resolution process of the corporate debtor in respect of whom such guarantee has been given. (3) Where approval is granted by the meeting of committee of creditors permitting the transfer, the bankruptcy trustee of such debtor shall ensure that the proposed transfer is appropriately disclosed under regulation 7 and section 155.". 6. In the principal regulations, in regulation 26, in sub-regulation (2), for the words "Form B", the words "such form as notified by the Board through circular" shall be substituted. 7. In the principal regulations, Form A and Form B shall be omitted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./139/2026-27] Note: The Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 were published vide notification No. IBBI/2019-20/GN/REG051, dated 20th November, 2019 in the Gazette of India, Extraordinary, Part III, Section 4, No. 412 on 20th November, 2019 and were last amended by the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2026 published vide notification No. IBBI/2025- 26/GN/REG139, dated the 25th February, 2026 in the Gazette of India, Extraordinary, Part III, Section 4, No.133 on 25th February, 2026. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. KUMER Digitally signed by KUMER CHAND MEENA CHAND Date: 2026.06.03 MEENA 10:12:44 +05'30'