In a major legislative reform, the Parliament has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2026 ('Amendment Bill'). The Amendment Bill introduces a significant overhaul to the Insolvency and Bankruptcy Code, 2016 ('Code'). The widespread changes extend to introducing a new Creditor-Initiated Insolvency Resolution Process ('CIIRP'), streamlining timelines, protecting the rights of secured creditors, and addressing certain judicial precedents.
We are also delighted to report that the insolvency regulator, the Insolvency and Bankruptcy Board of India, has released yesterday (i.e. April 2, 2026) a committee report with proposed amendments of the regulations to reflect the changes in the Code and also regulations for the CIIRP regime. The speed shown by the regulator is very encouraging and reflects the commitment of the government to these important changes and of course to the Code.
