Formats for “Statement of Beneficial Ownership” and Affidavit

Specification of Formats for “Statement of Beneficial Ownership” and Affidavit under Regulation 38(3A) of the CIRP Regulations

1. Regulation 38(3A) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, as notified on 23rd December, 2025, inter alia mandates that every resolution plan shall contain:
   • a Statement of Beneficial Ownership, and
   • an Affidavit declaring the eligibility or ineligibility of the Resolution Applicant for the benefit under section 32A of the Code,
     in the specified formats.
     
2. In exercise of the powers under the aforesaid regulation, the following formats are hereby specified:
   2.1 Statement of Beneficial Ownership – as per Annexure-1.
   2.2 Affidavit under section 32A – as per Annexure-2.
   
3. The Resolution Professional shall ensure that the aforesaid Statement and Affidavit form part of the resolution plan submitted to the Committee of Creditors and are subsequently filed before the Adjudicating Authority in accordance with section 30(6) of the Insolvency and Bankruptcy Code, 2016.
   
4. This Circular is issued in exercise of the powers conferred under section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016.

Annexure-1

Format of Statement under Regulation 38(3A)(a)

Part I – Basic Details of the Prospective Resolution Applicant (PRA)

Part II – Statement of Beneficial Ownership

Notes:

1. Details shall be provided in respect of each Beneficial Owner, supported by documentary evidence.
2. “Beneficial Owner” shall be determined in accordance with sub-rule (3) of Rule 9 of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
3. Details of intermediate entities, including their respective jurisdictions (where applicable), shall also be disclosed while explaining the manner of ownership or control.

Declaration

I hereby declare that the above statement is furnished in compliance with Regulation 38(3A)(a) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. I understand that any false statement or misrepresentation may attract consequences under applicable laws.

Signature: ___________________________
Name: ______________________________
Designation: _________________________
(Authorised Signatory of the PRA)

Place:
Date:

Annexure-2

Format of Affidavit under Regulation 38(3A)(b)

AFFIDAVIT
(To be executed on non-judicial stamp paper and duly notarised)

I, ____________________________, son/daughter of ______________________, aged ____ years, residing at ____________________________, being the Authorised Signatory of ____________________________ [name of Prospective Resolution Applicant], having its registered office at ____________________________, do hereby solemnly affirm and state as under:

1. I am duly authorised to swear this affidavit on behalf of the Prospective Resolution Applicant (“PRA”), and the statements made herein are true and correct to my knowledge and belief.
2. The PRA has submitted a resolution plan in respect of ____________________________ [name of the corporate debtor] under the Insolvency and Bankruptcy Code, 2016 (“the Code”).
3. I hereby declare that the Prospective Resolution Applicant [is eligible / is not eligible] to claim the benefit of section 32A of the Code, based on the following facts:
   (Provide a brief statement outlining eligibility or ineligibility, including whether the PRA or any person in management or control is or was a promoter, related party, or subject to investigation or prosecution in respect of offences committed by the corporate debtor prior to commencement of CIRP.)
4. I understand that this affidavit is furnished in compliance with Regulation 38(3A)(b) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and that any false statement or misrepresentation may attract action under applicable laws.

Solemnly affirmed at ____________
on this ____ day of ______, 20

Signature: ___________________________
Name: ______________________________
Designation: _________________________
(Authorised Signatory of the Prospective Resolution Applicant)

Circular

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