IBBI Mandates Additional Disclosures Before CIRP Initiation

Notification F. No. IBBI/2026-27/GN/REG152, Dated 01.06.2026

The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026, introducing a new provision relating to the submission of information by a corporate applicant seeking initiation of the Corporate Insolvency Resolution Process (CIRP).

The amendment is aimed at enhancing transparency and ensuring the availability of comprehensive information at the commencement stage of insolvency proceedings.

1. New Regulation 2E Inserted

The amendment inserts a new Regulation 2E titled “Submission of Information by the Corporate Applicant”.

The regulation prescribes the information and documents that must be furnished by a corporate applicant while initiating insolvency proceedings under the Insolvency and Bankruptcy Code, 2016.

2. Corporate Applicant Required to Furnish Detailed Information

Under the newly inserted regulation, a corporate applicant is required to submit relevant documents and information necessary for effective conduct of the Corporate Insolvency Resolution Process.

The objective is to ensure that stakeholders and insolvency professionals have access to critical information from the outset of the process.

3. Details of Creditors and Outstanding Amounts to Be Provided

The regulation specifically requires the corporate applicant to furnish:

• Details of creditors; and
• Amounts outstanding to such creditors

The information is intended to provide a clear picture of the debt position of the corporate debtor at the time of commencement of CIRP.

4. Disclosure of Corporate Guarantees

The amendment further requires disclosure of:

• Corporate guarantees given by the corporate debtor; and
• Corporate guarantees received by the corporate debtor

These disclosures are intended to assist in assessing liabilities, contingent obligations and financial exposures relevant to the insolvency process.

5. Other Relevant Information for CIRP

In addition to the specified disclosures, the corporate applicant must furnish:

• Any other information relevant to the Corporate Insolvency Resolution Process (CIRP)

This provision ensures that all material information necessary for effective resolution and administration of the insolvency process is made available at the initial stage.

6. Objective of the Amendment

The insertion of Regulation 2E seeks to strengthen the information framework under CIRP by requiring comprehensive disclosures from corporate applicants.

By mandating details of creditors, outstanding dues, corporate guarantees and other relevant information, IBBI aims to improve transparency, facilitate informed decision-making by stakeholders and ensure smoother conduct of insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016.

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