The Insolvency and Bankruptcy Board of India has amended the Insolvency Resolution Process for Corporate Persons Regulations, 2016. Earlier, resolution plans under CIRP did not mandatorily require disclosure of beneficial ownership or affidavit regarding eligibility under section 32A

A new sub-regulation 38(3A) is inserted. From now on, every resolution plan must include:

• A statement of beneficial ownership, covering full natural-person-level ownership of the resolution applicant, with jurisdictional and shareholding details of all intermediate entities. Format will be notified separately by IBBI via circular.
• An affidavit stating whether the resolution applicant is eligible or not for the benefit of section 32A, in a format to be prescribed by the Board.

These changes are mandatory and apply immediately for all resolution plans submitted on and after publication.