Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-28052025-263435
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 390]
NEW DELHI, MONDAY, MAY 26, 2025/JYAISTHA 5, 1947
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 26th May, 2025
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth
Amendment) Regulations, 2025.
F. No. IBBI/2025-26/GN/REG127.—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 (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, 2025.
(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 18, after sub-regulation (4), the
following sub-regulation shall be inserted, namely:-
"(5) The committee may direct the resolution professional to invite the providers of interim finance to attend
as observers without voting rights, such meeting(s) of the committee, as the committee may decide."
3. In the principal regulations, in regulation 36A, after sub-regulation (1), the following sub-regulation shall be inserted,
namely: -
“(1A) The resolution professional may, with the approval of the committee, invite expression of interest for
submission of resolution plans for the corporate debtor as a whole, or for sale of one or more of assets of the
corporate debtor, or for both."
4. In the principal regulations, in regulation 36B, sub-regulation (6A) shall be omitted.
5. In the principal regulations, in regulation 38,
(i) in sub-regulation (1),
(a) In clause (b), for the word and mark "plan.", the word and mark "plan:" shall be substituted.
(b) after clause (b), the following proviso shall be inserted, namely:-
"Provided that where a resolution plan provides for payment in stages, the financial
creditors who did not vote in favour of the resolution plan shall be paid at least pro rata
and in priority over financial creditors who voted in favour of the plan, in each stage."
6. In the principal regulations, in regulation 39,
(i) in sub-regulation (2), the words "which comply with the requirements of the Code and regulations made
thereunder", shall be omitted.
(ii) in sub-regulation (2), after the words “along with the details of”, the words “non-compliant plans and",
shall be inserted.
(iii) in sub-regulation (3), in clause (a), after the words "under sub-regulation (2)", the marks and words “,
which comply with the requirements of the Code and regulations made thereunder,”, shall be inserted.
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./123/2025-26]
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, 2025 published vide notification No. IBBI/2025-26/GN/REG126, dated the
19th May, 2025 in the Gazette of India, Extraordinary, Part III, Section 4, No. 375 on 19th May, 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.