IBBI Notifies Formats for Beneficial Ownership Statement Under CIRP

Circular No. No. IBBI/CIRP/90/2025, Dated: 29.12.2025

1. Regulatory Background

The Insolvency and Bankruptcy Board of India (IBBI) has issued a circular prescribing standard formats for:

• the Statement of Beneficial Ownership, and
• the Affidavit

to be furnished under Regulation 38(3A) of the CIRP Regulations, 2016.

The measure is aimed at strengthening transparency, disclosure, and due diligence in the Corporate Insolvency Resolution Process (CIRP).

2. Applicability to Resolution Applicants

Under the circular:

• Prospective Resolution Applicants (PRAs) are required to:

1. 1. Submit the Statement of Beneficial Ownership and the Affidavit
   2. Along with the resolution plan

These disclosures are mandatory and form an integral part of the resolution plan submission.

3. Role and Responsibility of Resolution Professionals

The circular places specific obligations on Resolution Professionals (RPs).

Key Duties of RPs

RPs must ensure that:

• The Statement of Beneficial Ownership and the Affidavit:

1. 1. Are obtained from the prospective resolution applicant
   2. Are complete, duly executed, and in the prescribed format

• These documents:

1. 1. Form part of the resolution plan placed before the Committee of Creditors (CoC)
   2. Are filed before the Adjudicating Authority along with the resolution plan under section 30(6) of the Insolvency and Bankruptcy Code, 2016

Failure to ensure compliance may expose the resolution plan to objections or delays.

4. Purpose of the Disclosure Requirement

The prescribed formats are intended to:

• Clearly identify the ultimate beneficial owners of the resolution applicant
• Detect and prevent:

1. 1. Concealment of ownership or control
   2. Circumvention of ineligibility provisions, including section 29A of the Code

• Enable the CoC and Adjudicating Authority to:

1. 1. Assess the eligibility, credibility, and transparency of the applicant
   2. Make informed decisions during the resolution process

5. Statutory Linkage

• Regulation 38(3A), CIRP Regulations, 2016 – mandates disclosure of beneficial ownership
• Section 30(6), Insolvency and Bankruptcy Code, 2016 – requires filing of the approved resolution plan with the Adjudicating Authority

The circular operationalises these provisions by prescribing uniform and standardised formats.

6. Implications for Stakeholders

6.1 For Resolution Applicants

• Must prepare accurate and complete disclosures of beneficial ownership
• Any misstatement or suppression may:

1. 1. Lead to rejection of the resolution plan
   2. Attract regulatory or legal consequences

6.2 For Resolution Professionals

• Need to update process documents and checklists
• Ensure strict compliance before placing plans before the CoC
• Avoid procedural lapses that could delay plan approval

6.3 For CoC and Adjudicating Authority

• Improved visibility into ownership and control structures
• Enhanced ability to evaluate compliance with eligibility norms

7. Key Takeaway

IBBI has mandated standard formats for the Statement of Beneficial Ownership and affidavit under Regulation 38(3A) of the CIRP Regulations. These disclosures must be submitted along with the resolution plan, placed before the CoC, and filed before the Adjudicating Authority under section 30(6)—making transparency and ownership disclosure a core component of the CIRP framework.

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