In exercise of the powers conferred by section 196, sections 207 and 208 read with section 240 of the Insolvency and Bankruptcy Code

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-21112025-267888 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 753] NEW DELHI, FRIDAY, NOVEMBER 21, 2025/KARTIKA 30, 1947 7781 GI/2025 (1) INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 20th November, 2025 Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2025 F. No. IBBI/2025-26/GN/REG132.—In exercise of the powers conferred by section 196, sections 207 and 208 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 Professionals) Regulations, 2016, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2025. (2) They shall come into force on the date of publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, (hereinafter referred to as 'the principal regulations'), after regulation 7A, the following regulation shall be inserted, namely: - "Number of Assignments. 7B. An insolvency professional who is not an insolvency professional entity, shall not at any point of time, have more than ten assignments in aggregate as interim resolution professional and resolution professional in a corporate insolvency resolution process and as a liquidator in a liquidation process, of which not more than three assignments shall have admitted claims exceeding one thousand crore rupees each: Provided that an insolvency professional who is not an insolvency professional entity, already holding more such assignments than the limit specified in this regulation on the date of commencement of Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2025, shall not accept any such new assignment until the number of his ongoing assignments falls below the limit specified in this regulation.” 3. In the principal regulations, in the Code of Conduct for Insolvency Professionals specified in the First Schedule, (i) in clause 6, for the words "the approval of the Board", the words "the prior approval of the Adjudicating Authority" shall be substituted. (ii) the clarification to clause 22 shall be omitted. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./488/2025-26] Note: The Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 were published vide notification No. IBBI/2016-17/GN/REG003 dated 23rd November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 424 on 23rd November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2025 published vide notification No. IBBI/2025-26/GN/REG123, dated 03rd April, 2025 in the Gazette of India, Extraordinary, Part III, Section 4, No. 276 on 03rd April, 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. AMIT KUMAR JAISWAL Digitally signed by AMIT KUMAR JAISWAL Date: 2025.11.21 22:04:13 +05'30'