IBBI Prescribes Fourteen Standardized Forms for Pre-Packaged Insolvency Resolution Process via Circular Dated 2 June 2026

Overview

The Insolvency and Bankruptcy Board of India has taken a significant step toward procedural uniformity in pre-packaged insolvency proceedings by issuing Circular No. IBBI/PPIRP/95/2026 dated 2nd June 2026. Through this circular, the Board has formally prescribed standardized formats for fourteen distinct forms that are mandated under the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021, as further modified by the IBBI (Pre-Packaged Insolvency Resolution Process) (Third Amendment) Regulations, 2026.

The circular was addressed to all registered insolvency professionals, all recognised insolvency professional entities, and all registered insolvency professional agencies, communicated via registered email addresses as well as through publication on the IBBI's official website.

Important: This circular has been issued in exercise of powers vested under Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016, and carries binding regulatory force for all stakeholders engaged in PPIRP proceedings.

Governing Provisions

The Insolvency and Bankruptcy Code, 2016 serves as the parent legislation under which the IBBI derives its rule-making and regulatory authority. Specifically:

  • Section 196 of the Insolvency and Bankruptcy Code, 2016 empowers the Board to take measures necessary for the proper functioning and administration of insolvency proceedings.
  • Section 240 of the Insolvency and Bankruptcy Code, 2016 grants the Board the authority to make regulations consistent with the Code and the rules framed thereunder.

The PPIRP Regulations provide the procedural architecture for pre-packaged insolvency resolution processes applicable to eligible corporate debtors, particularly Micro, Small and Medium Enterprises (MSMEs). The Third Amendment Regulations, 2026 introduced certain revisions requiring corresponding updates to the prescribed form formats, prompting the issuance of this circular.

Nature of Pre-Packaged Insolvency Resolution Process

The Pre-Packaged Insolvency Resolution Process, commonly referred to as PPIRP, is a structured, time-bound mechanism introduced under the Insolvency and Bankruptcy Code, 2016 to facilitate faster resolution of insolvency for smaller corporate entities. Unlike the Corporate Insolvency Resolution Process (CIRP), PPIRP allows the corporate debtor to negotiate and present a base resolution plan prior to formal commencement of insolvency proceedings, thereby minimizing disruption and preserving business value.

The standardization of forms under PPIRP is critical to ensuring that the process operates with transparency, consistency, and regulatory accountability across all insolvency professional entities and individual practitioners.

Fourteen Forms Prescribed Under Circular No. IBBI/PPIRP/95/2026

The Board has prescribed the following fourteen forms through this circular, each mapped to the specific regulation under the PPIRP Regulations, 2021 that governs its use:

Regulation 7(1)

This form captures the written consent required at the initial stage of the pre-packaged insolvency resolution process. It serves as a foundational document establishing the willingness of the relevant party to participate in and be bound by the PPIRP framework.