This Circular has been issued by the Insolvency and Bankruptcy Board of India to operationalise Regulation 38(3A) of the CIRP Regulations, which mandates additional disclosures in resolution plans concerning beneficial ownership and eligibility under section 32A of the Code.

• Every resolution plan is mandatorily required to contain a Statement of Beneficial Ownership in the format specified at Annexure-1.
• Every resolution plan must also include an Affidavit in the prescribed format at Annexure-2, declaring whether the Prospective Resolution Applicant is eligible or not eligible for the benefit under section 32A of the Code.
• These requirements arise pursuant to the insertion of Regulation 38(3A), as notified on December 23, 2025.
• The Resolution Professional is responsible for ensuring that both the Statement of Beneficial Ownership and the Affidavit form an integral part of the resolution plan placed before the Committee of Creditors.
• The Resolution Professional must also ensure that these documents are filed before the Adjudicating Authority along with the resolution plan under section 30(6) of the Code.
• Non-inclusion of the prescribed Statement and Affidavit would amount to non-compliance with Regulation 38(3A) of the CIRP Regulations.