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The Insolvency and Bankruptcy Board of India (“IBBI”), vide notification dated 19.05.2026, has notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2026) (“CIRP Amendment Regulations”)1 to amend the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Principal Regulations”).
The CIRP Amendment Regulations amend Regulation 27 of the CIRP Principal Regulations which provides for appointment of professionals. The sub-regulation (1) of Regulation 27 provides that the resolution professional shall appoint two sets of registered valuers to determine fair value and liquidation value of the corporate debtor.
A proviso has been inserted after sub-regulation (1) of Regulation 27 which provides that in respect of a corporate debtor classified as a micro, small or medium enterprise under Section 7(1) of the Micro, Small and Medium Enterprises Development Act, 2006, the resolution professional shall appoint one set of registered valuers, unless the Committee of Creditors decides to appoint two sets of registered valuers, with reasons to be recorded in writing.
The CIRP Amendment Regulations have come into force on the date of their publication in the Official Gazette, i.e., 21.05.2026.
Footnote
1 IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2026)
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