Insolvency and Bankruptcy Board of India (IBBI) issued the Pre-Packaged Insolvency Resolution Process (Second Amendment) Regulations, 2026 on May 19, 2026, to further amend the IBBI (Pre-Packaged Insolvency Resolution Process) Regulations, 2021. The Principal Regulations were originally published on April 9, 2021, and were last amended by the First Amendment Regulations, 2026 published on February 25, 2026.

The amendments are as follows. Regulation 38 of the Principal Regulations is substituted in its entirety. The substituted regulation provides that the resolution professional shall, within three days of appointment, appoint a set of registered valuers to determine the fair value and liquidation value of the corporate debtor, unless the committee decides, for reasons to be recorded in writing, to appoint two sets of registered valuers. The following persons are expressly excluded from appointment as registered valuers: a related party of the corporate debtor; an auditor of the corporate debtor at any time during the five years preceding the pre-packaged insolvency commencement date; a partner or director of the insolvency professional entity of which the resolution professional is a partner or director; or a relative of the resolution professional or of a partner or director of such insolvency professional entity. In Regulation 39, sub-regulation (1) is amended through seven changes. In clause (a), “within each set” is substituted with “within that set” and the words “for that set” are omitted. In clause (b), “coordinating valuers” is substituted with “the coordinating valuer.” In clause (c), “their respective set” is substituted with “the set.” In clause (d), “a set” is substituted with “the set” and the words “within that set” are omitted. Clause (e) is substituted to provide that the fair value submitted by the coordinating valuer shall be considered the fair value of the corporate debtor, with a proviso that where two sets of registered valuers are appointed under Regulation 38, the average of the two fair value estimates submitted by the coordinating valuers shall be considered the fair value. Clause (f) is substituted to provide that the aggregate of the liquidation value estimates submitted by the registered valuer in each asset class shall be considered the liquidation value of the corporate debtor, with a proviso that where two sets are appointed, the aggregate of the average of the two liquidation value estimates in each asset class shall be considered the liquidation value.