Chapter II - Corporate Insolvency Resolution Process
Section 29
Section 29: preparation of the information memorandum
The resolution professional prepares an information memorandum so resolution applicants can formulate a plan. Applicants receive access to relevant information only after undertaking to protect confidentiality, comply with insider-trading law and safeguard the debtor's intellectual property.
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This article is for general information. Refer to the Insolvency and Bankruptcy Code, 2016 official text for the official provisions. If you need professional advice for your situation, contact Bizeneed.
Statutory text
Bare law
(1) The resolution professional shall prepare an information memorandum in such form and manner containing such relevant information as may be specified by the Board for formulating a resolution plan.
(2) The resolution professional shall provide to the resolution applicant access to all relevant information in physical and electronic form, provided such resolution applicant undertakes—
(a) to comply with provisions of law for the time being in force relating to confidentiality and insider trading;
(b) to protect any intellectual property of the corporate debtor it may have access to; and
(c) not to share relevant information with third parties unless clauses (a) and (b) of this sub-section are complied with.
Explanation.—For the purposes of this section, ‘relevant information’ means the information required by the resolution applicant to make the resolution plan for the corporate debtor, which shall include the financial position of the corporate debtor, all information related to disputes by or against the corporate debtor and any other matter pertaining to the corporate debtor as may be specified.
Introduction
Section 29 is the information-access gateway for plan formulation. The current CIRP Regulations, particularly Regulation 36, specify the form and contents of the information memorandum; those details should be checked in the latest IBBI version rather than inferred from the Code alone. The enacted 2026 IBC Amendment Act does not amend Code section 29.
Key takeaways
RP prepares the memorandum
The resolution professional must prepare it in the Board-specified form and manner for formulation of a resolution plan.
Applicants get relevant access
The RP provides relevant information in physical and electronic form, subject to the applicant's statutory undertakings.
Confidentiality has three parts
The applicant must comply with confidentiality and insider-trading law, protect the debtor's IP, and limit onward sharing to recipients complying with those protections.
Compile decision-useful information
Collect the debtor's financial position, disputes and other Board-specified information needed for a resolution plan. Cross-check claims and records before preparing the memorandum.
Control access
Record each applicant's undertaking before providing physical or electronic access. Use access controls for commercially sensitive and personal information, and retain a record of what was disclosed.
Check current Regulation 36
Section 29 leaves the prescribed form and details to IBBI. Consult the currently amended CIRP Regulations when finalising contents or access steps; do not rely on an older checklist without checking its amendment date.
Practical checklist
Do
- Document the sources and currency of information in the memorandum.
- Obtain and retain the applicant's confidentiality, insider-trading and IP undertakings before access.
- Check current IBBI Regulation 36 for required contents.
Avoid
- Do not circulate sensitive information to an applicant before the undertakings.
- Do not present an incomplete or stale memorandum as the debtor's verified current position.
Glossary
- Information memorandum
- The Board-specified package of relevant debtor information prepared by the RP for resolution-plan formulation.
- Resolution applicant
- A person seeking to submit a resolution plan in the insolvency process, subject to the Code's eligibility and process rules.
Frequently asked questions
Must a resolution applicant sign confidentiality undertakings?
Section 29(2) conditions information access on undertakings covering confidentiality and insider trading, IP protection and onward sharing.
What information is relevant?
The statutory Explanation includes financial position, disputes by or against the debtor and other Board-specified material needed to make a plan.
Need help applying this provision to your situation?
Contact BizeneedLast updated 9 October 2026