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Insolvency and Bankruptcy Board of India

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

Issue Date: 14 October 2025 Published: 16 October 2025
Gazette ID: CG-DL-E-16102025-266969 Download PDF
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Core Purpose

This notification introduces the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025, to further amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

Detailed Summary

The Insolvency and Bankruptcy Board of India (IBBI) issued the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025, on October 14, 2025, under F. No. IBBI/2025-26/GN/REG129. These regulations, effective from their publication in the Official Gazette, apply prospectively to cases where liquidation by sale as going concern has not commenced. The amendments, made in exercise of 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), modify the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Specifically, clause (f) of sub-regulation (1) of regulation 31A is omitted. In regulation 32, the word 'or' is inserted after the mark ';' in clause (c), the mark ':' is substituted for ';' in clause (d), clauses (e) and (f) are omitted, and the letter and symbol '(d)' are substituted for '(f)' in the proviso. Furthermore, regulation 32A is entirely omitted. The principal regulations were originally published vide notification No. IBBI/2016-17/GN/REG005 dated December 15, 2016, and were last amended by notification No. IBBI/2024-25/GN/REG121 dated January 28, 2025. The notification is signed by RAVI MITAL, Chairperson.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-16102025-266969 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 675] NEW DELHI, TUESDAY, OCTOBER 14, 2025/ASVINA 22, 1947 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 14th October, 2025 Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025 F. No. IBBI/2025-26/GN/REG129.—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 (Liquidation Process) Regulations, 2016, namely: - 1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025. (2) They shall come into force on the date of their publication in the Official Gazette and shall apply prospectively, i.e. to cases where liquidation by sale as going concern has not commenced. 2. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as 'the principal regulations'), in regulation 31A, in sub-regulation (1), clause (f) shall be omitted. 3. In the principal regulations, in regulation 32, (i) in clause (c), after the mark ";", the word “or” shall be inserted. (ii) in clause (d), for the mark “;” the mark “:” shall be substituted. (iii) clauses (e) and (f) shall be omitted. (iv) in the proviso, for the letter and symbol "(f)", the letter and symbol "(d)", shall be substituted. 4. In the principal regulations, regulation 32A shall be omitted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./409/2025-26] Note: The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG005 dated 15th December, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, vide No. 460 on 15th December, 2016 and were last amended by Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2025 vide notification No. IBBI/2024- 25/GN/REG121 dated the 28th January, 2025 in the Gazette of India, Extraordinary, Part III, Section 4, vide No. 82 on 29th January, 2025. 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.

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