In exercise of the powers conferred by clauses aa and t of sub section 1 of section 196 read with section 240 of the Insolvency and Bankruptcy Code

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-10062026-273309 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 385] NEW DELHI, TUESDAY, JUNE 9, 2026/JYAISTHA 19, 1948 4168 GI/2026 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 8th June, 2026 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2026 F. No. IBBI/2026-27/GN/REG153.— In exercise of the powers conferred by clauses (aa) and (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 (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2026. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as ‘the principal regulations'), in regulation 16, in sub-regulation (2), in clause (a), (a) after the words "eighteen largest", the word “unrelated” shall be inserted; (b) for the proviso, the following proviso shall be substituted, namely:- "Provided that if the number of such unrelated operational creditors is less than eighteen, the committee shall include all such unrelated operational creditors." 3. In the principal regulations, after regulation 16D, the following regulation shall be inserted, namely: - "16E. Assistance to committee where creditors other than scheduled banks or public financial institutions hold significant voting share. Where creditors, other than a scheduled bank or a public financial institution as defined in clause (72) of section 2 of the Companies Act, 2013 (18 of 2013), hold more than sixty-six per cent of the voting share in the committee, the resolution professional shall— (a) invite the five largest unrelated operational creditors, which shall include the three largest authorities to whom statutory dues are owed, by value of admitted claims, to attend the meetings of the committee as observers with no voting rights; and (b) record their observations, if any, in the minutes of the meetings of the committee." 4. In the principal regulations, for regulation 31B, the following regulation shall be substituted, namely:- "31B. Approval of committee for insolvency resolution process costs. (1) All insolvency resolution process costs incurred till the first meeting of the committee, along with the justification for incurring such costs, shall be placed by the resolution professional for the approval of the committee at its first meeting. (2) The resolution professional shall prepare a Going Concern Assessment Report which shall include — (a) estimated income, expenditure and cash flows arising from continuation of operations; (b) details of working capital requirements, if any; and (c) material risks of value erosion arising from continuation or suspension of operations. (3) The resolution professional shall place the Going Concern Assessment Report prepared under sub- regulation (2) at the first meeting of the committee and based on such Going Concern Assessment Report, the committee shall decide whether the operations of the corporate debtor shall be continued and, if so, the scope and duration of such operations. (4) After the first meeting of the committee of creditors, all insolvency resolution process costs shall be incurred only with the prior approval of the committee. (5) For the purpose of sub-regulation (4), the resolution professional shall, at each meeting of the committee— (a) place statements of estimate of income, expense and cash flow for the period up to the next meeting; (b) seek approval for insolvency resolution process costs proposed to be incurred until the next meeting; and (c) place a statement comparing actual insolvency resolution process costs with the estimates of costs approved by the committee in the previous meeting." 5. In the principal regulations, in regulation 39, in sub-regulation (3), for clause (b), the following clause shall be substituted, namely:- "(b) record its deliberations and rationale on— (i) the feasibility and viability of each resolution plan; (ii) the expected realisable value to creditors in comparison with the fair value and liquidation value determined under regulation 35; and (iii) the adequacy of market discovery undertaken during the corporate insolvency resolution process, including, where applicable, the use of a challenge mechanism or re-invitation of plans." RAVI MITAL, Chairperson [ADVT.-III/4/Exty./154/2026-27] Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG004, dated 30th November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026 published vide notification No. IBBI/2026-27/GN/REG152., dated the 1st June, 2026 in the Gazette of India, Extraordinary, Part III, Section 4, No. 371 on 2nd June, 2026.