{"id":9243,"date":"2025-07-08T10:36:50","date_gmt":"2025-07-08T10:36:50","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=9243"},"modified":"2025-10-08T08:15:56","modified_gmt":"2025-10-08T08:15:56","slug":"5th-amendments-procedural-disclosure-in-cirp-framework","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/5th-amendments-procedural-disclosure-in-cirp-framework\/","title":{"rendered":"5th Amendments Procedural &#038; disclosure in CIRP framework"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4872\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2022\/08\/Liquidation-Estate-under-the-IBC-Code.jpg\" alt=\"Liquidation Estate under the IBC Code\" width=\"858\" height=\"515\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69dcde52dc606\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69dcde52dc606\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/5th-amendments-procedural-disclosure-in-cirp-framework\/#Insolvency_Resolution_Process_for_Corporate_Persons_Fifth_Amendment_Regulations_2025_%E2%80%93_5th_Amendments_Procedural_disclosure_in_CIRP_framework\" title=\"Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025 &#8211; 5th Amendments Procedural &amp; disclosure in CIRP framework\">Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025 &#8211; 5th Amendments Procedural &amp; disclosure in CIRP framework<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/5th-amendments-procedural-disclosure-in-cirp-framework\/#1_Amendment_to_Regulation_36_%E2%80%93_Contents_of_the_Information_Memorandum\" title=\"1. Amendment to Regulation 36 \u2013 Contents of the Information Memorandum :\">1. Amendment to Regulation 36 \u2013 Contents of the Information Memorandum :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/5th-amendments-procedural-disclosure-in-cirp-framework\/#2_Amendment_to_Regulation_38_%E2%80%93_Mandatory_Contents_of_Resolution_Plan\" title=\"2. Amendment to Regulation 38 \u2013 Mandatory Contents of Resolution Plan\u00a0\">2. Amendment to Regulation 38 \u2013 Mandatory Contents of Resolution Plan\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Insolvency_Resolution_Process_for_Corporate_Persons_Fifth_Amendment_Regulations_2025_%E2%80%93_5th_Amendments_Procedural_disclosure_in_CIRP_framework\"><\/span><span style=\"color: #000080;\">Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025 &#8211; 5th Amendments Procedural &amp; disclosure in CIRP framework<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025 introduces important procedural and disclosure-related amendments to the CIRP framework under the IBC. These amendments Reinforce the importance of transparent disclosure in CIRP and Align with the objective of maximizing value and ensuring fairness in the insolvency resolution process. also Prevent the manipulation or last-minute assignment of avoidance\/fraud claims so than enhance accountability of RP and CoC in properly managing and disclosing such transactions. Here\u2019s a summary and analysis of the key changes:<\/p>\n<h3 data-start=\"470\" data-end=\"549\"><span class=\"ez-toc-section\" id=\"1_Amendment_to_Regulation_36_%E2%80%93_Contents_of_the_Information_Memorandum\"><\/span><span style=\"color: #000080;\">1. Amendment to Regulation 36 \u2013 Contents of the Information Memorandum :<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"470\" data-end=\"549\"><em data-start=\"559\" data-end=\"579\">Sub-regulation (1)<\/em>: Insertion<span style=\"font-size: 16px;\">: The phrase <\/span>\u201cand its subsequent updates thereof\u201d<span style=\"font-size: 16px;\"> is added.\u00a0\u00a0<\/span><\/p>\n<p data-start=\"470\" data-end=\"549\">Implication of IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025 which say that The Information Memorandum (IM) must now not only disclose details as on the insolvency commencement date but also include subsequent updates, ensuring dynamic and current disclosure to all stakeholders.<\/p>\n<p data-start=\"900\" data-end=\"949\"><em data-start=\"908\" data-end=\"928\">Sub-regulation (2)<\/em> \u2013 New Clause <em data-start=\"942\" data-end=\"948\">(ha)<\/em>: <span style=\"font-size: 16px;\">A new clause <\/span><em style=\"font-size: 16px;\" data-start=\"965\" data-end=\"971\">(ha)<\/em><span style=\"font-size: 16px;\"> is inserted: \u201cDetails of all identified <\/span>avoidance transactions<span style=\"font-size: 16px;\"> (under Chapter III) or <\/span>fraudulent or wrongful trading<span style=\"font-size: 16px;\"> (under Chapter VI of Part II of the Code) and subsequent filings before Adjudicating Authority as referred under regulation 35A(3A)\u201d.<\/span><\/p>\n<p>Implication IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025 which say that The IM must mandatorily include All identified avoidance transactions (e.g., preferential, undervalued, extortionate, fraudulent). &amp; Details of wrongful\/fraudulent trading. and Filings made under Regulation 35A(3A). This promotes transparency and ensures resolution applicants are fully informed before submitting a resolution plan.<\/p>\n<h3 data-start=\"1623\" data-end=\"1701\"><span class=\"ez-toc-section\" id=\"2_Amendment_to_Regulation_38_%E2%80%93_Mandatory_Contents_of_Resolution_Plan\"><\/span><span style=\"color: #000080;\">2. Amendment to Regulation 38 \u2013 Mandatory Contents of Resolution Plan\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1703\" data-end=\"1737\"><em data-start=\"1711\" data-end=\"1736\">New Sub-regulation (2A)<\/em>: <span style=\"font-size: 16px;\">A resolution plan <\/span>shall not provide for assignment<span style=\"font-size: 16px;\"> of any avoidance or fraudulent\/wrongful trading claims <\/span>unless<span style=\"font-size: 16px;\">:<\/span><\/p>\n<blockquote data-start=\"1739\" data-end=\"2063\"><p>(a) They were disclosed in the Information Memorandum, and<br data-start=\"1929\" data-end=\"1932\" \/>(b) Intimated to all prospective resolution applicants under Regulation 35A(3A) before the last date for plan submission.<\/p><\/blockquote>\n<p>Proviso: This requirement does not apply to resolution plans already submitted to the Adjudicating Authority before the date of commencement of this Fifth Amendment.<\/p>\n<p>Implication of IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025 which say that Prevents backdoor assignment of high-value or sensitive avoidance claims to third parties without proper disclosure to RAs. Ensures level playing field among all prospective resolution applicants\u00a0 and Enhances procedural integrity and reduces post-approval disputes. These amendments shall come into force from the date of their publication in the Official Gazette.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025 &#8211; 5th Amendments Procedural &amp; disclosure in CIRP framework The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025 introduces important procedural and disclosure-related amendments to the CIRP framework under the IBC. These amendments Reinforce the importance of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[1220],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9243"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=9243"}],"version-history":[{"count":3,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9243\/revisions"}],"predecessor-version":[{"id":9246,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9243\/revisions\/9246"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=9243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=9243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=9243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}