The Insolvency and Bankruptcy Board of India has issued coordinated amendments across multiple regulations under the Insolvency and Bankruptcy Code, 2016. These amendments standardize the definition of “fair value”, revise valuation methodology, mandate structured documentation by registered valuers, and replace references to external valuation standards with standards notified by the Board through circular. The CIRP, Liquidation, Voluntary Liquidation, Pre-Pack and Personal Guarantor Regulations were previously amended in 2025–2026 and are further revised through these notifications.

1. CIRP Regulations, 2016
2. Substitution of “fair value” (Regulation 2(hb))

“fair value” means the estimated realizable value of the corporate debtor or the assets of the corporate debtor, as the case may be, if they were to be exchanged on the insolvency commencement date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing, and where the parties had acted knowledgeably, prudently, and without compulsion.
Explanation.- The estimated realizable value of the corporate debtor shall be computed after taking into account the total estimated realizable value of all the assets of the corporate debtor including but not limited to tangible and intangible assets, along-with their underlying synergies.

2. Regulation 27(1) substituted
   Resolution professional shall appoint two sets of registered valuers within seven days of appointment but not later than the forty-seventh day from insolvency commencement date.
3. Regulation 35 substituted

• One registered valuer per asset class in each set
• Coordinating valuer designated within each set
• Methodology explanation to Committee before computation
• Third set permitted where difference is 25% or more
• Fair value: average of two closest estimates
• Liquidation value: average of two closest estimates per asset class

4. Regulation 35(1A) inserted
   Registered valuer shall prepare valuation report and maintain documentation as per format notified by the Board through circular.
5. Regulation 36 amended
   Information Memorandum expanded to include:

• Details of receivables
• Joint development agreements
• Attached assets
• Details of certain allottees who have not filed claims

6. Regulation 38A inserted
   Resolution plan must provide for treatment of allottees who have not filed claims where their details are included in the Information Memorandum.
7. Pre-Pack Regulations, 2021
8. Fair value definition substituted (Regulation 2(1)(g)) — identical wording as above.
9. Regulation 38 amended — “two registered valuers” replaced with “two sets of registered valuers”.
10. Regulation 39(1) substituted — structured valuation mechanism introduced.
11. Regulation 39(1A) inserted — mandatory valuation report and documentation as per Board-notified format.

III. Voluntary Liquidation Regulations, 2017

Regulation 3 amended
Explanation inserted requiring registered valuer to prepare valuation report and maintain documentation in format notified by the Board through circular.

1. Liquidation Process Regulations, 2016
2. Regulation 35(3) amended
   Reference to “Companies (Registered Valuers and Valuation) Rules, 2017” substituted with:

“such valuation standards as notified by the Board through circular”

2. Regulation 35(8) inserted
   Registered valuer shall prepare valuation report and maintain documentation as per Board-notified format.
3. Personal Guarantor Regulations, 2019
4. Regulation 30(2) amended
   “internationally accepted valuation standards” substituted with:

“such valuation standards as notified by the Board through circular”

2. Regulation 30(5) inserted
   Registered valuer shall prepare valuation report and maintain documentation as per Board-notified format.