IBBI Notifies Formats under the PPIRP Framework through Circular Dated 2 June 2026
The Insolvency and Bankruptcy Board of India (IBBI) has issued Circular No. IBBI/PPIRP/95/2026 dated 2 June 2026, specifying the formats to be used under the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021. The Circular has been issued pursuant to the IBBI (Pre-Packaged Insolvency Resolution Process) (Third Amendment) Regulations, 2026, notified on 1 June 2026, which substituted references to Forms P1 to P14 with the expression “such format as notified by the Board” and omitted the Schedule containing the prescribed forms.
In exercise of its powers under Section 196 of the Insolvency and Bankruptcy Code, 2016, the Board has now notified fourteen formats covering the entire lifecycle of a Pre-Packaged Insolvency Resolution Process. The notified forms include Form P1 for the written consent of an insolvency professional, Forms P3 and P4 for obtaining creditor approvals for appointment of the Resolution Professional and initiation of the PPIRP, and Form P5 for written consent to act as Authorised Representative and Forms P6 and P7 relating to declarations by directors or partners regarding the initiation of the process and the existence of avoidance transactions. Form P8 prescribes the report to be submitted by the insolvency professional certifying the eligibility of the corporate debtor and compliance with the statutory requirements under the Code.
The Circular further specifies Form P9 for public announcements, Form P10 along with detailed annexures for preparation of creditor-wise lists of claims, Form P11 for inviting resolution plans, and Form P12 for filing compliance certificate before the Adjudicating Authority. Additionally, Forms P13 and P14 have been prescribed for applications relating to termination of the PPIRP and vesting of management of the corporate debtor with the Resolution Professional. The Circular therefore operationalises the Third Amendment Regulations by providing the procedural formats necessary for the effective conduct of PPIRP proceedings.
