IBBI CIRP Circulars 109 and 110 of 2026: New Form CA for Homebuyers and RERA Disclosure Rules for Real Estate Insolvency

On 30 October 2026, the Insolvency and Bankruptcy Board of India (IBBI) issued two circulars that change how insolvency works for real estate companies: Circular No. IBBI/CIRP/109/2026 introduces a revised, two-part Form CA for filing claims by financial creditors in a class, with a dedicated Part II for real estate allottees (homebuyers), and Circular No. IBBI/CIRP/110/2026 requires the insolvency professional to keep the real estate project compliant with RERA during the insolvency process and to disclose the insolvency prominently at every project site and office within seven days of appointment. Both circulars are issued under section 196 of the Insolvency and Bankruptcy Code, 2016, and both are addressed to all registered insolvency professionals, insolvency professional entities and insolvency professional agencies.

For a homebuyer stuck in a stalled project whose builder has gone into insolvency, these two circulars matter in plain terms: the claim form now asks for the details a homebuyer actually has — project, tower, unit, agreement value and money paid — instead of forcing a homebuyer into a form designed for banks and financial institutions, and nobody walking into the project site or the builder's sales office should any longer be left guessing whether the company is in insolvency. The circulars arrive alongside the CIRP Fifth Amendment Regulations, 2026, notified the same day, which allow a real estate project to be excluded from insolvency on a Committee of Creditors recommendation — together, the three instruments form IBBI's new project-first approach to real estate insolvency. This article explains what each circular does, what has changed from the earlier position, who is affected, and what each affected person should do next.

What the two circulars do

Circular 109/2026: a revised Form CA with a homebuyer part

Form CA is the form under regulation 8A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, by which financial creditors in a class submit their claims and proof of claim to the interim resolution professional or resolution professional. Circular 109/2026 revises that form, in partial modification of IBBI Circular No. IBBI/CIRP/94/2026 dated 2 June 2026. The revised form is enclosed as an annexure to the circular and is divided into two parts:

• Part I — to be filled by financial creditors in a class other than real estate allottees. It captures the creditor's name and identification, address and email, total claim amount, documents substantiating the debt, how and when the debt was incurred, set-off details, security held, the bank account for payment under a resolution plan, the list of documents attached, and the name of the insolvency professional who will act as authorised representative of the class.
• Part II — to be filled by real estate allottees. It is organised in five sections plus supporting documents, a declaration and a verification (see the section-by-section breakdown below).

The circular states the reason for the change plainly: the Committee on Framing Guidelines for Insolvency Proceedings in the Real Estate Sector (April 2026) observed that a simplified, allottee-specific claim form would improve participation by homebuyers, facilitate claim verification, and assist in collecting the project-level information needed to prepare the Information Memorandum and formulate resolution plans. In other words, the old single form was a barrier — homebuyers either did not file, or filed incomplete claims — and the new form is designed to fix that.

One transitional protection matters: financial creditors in a class, including real estate allottees, must file their claims in the revised Form CA on or after the date of the circular (30 October 2026), but claims already filed in the earlier Form CA before that date need not be re-submitted. If you already filed, your claim stands; do not file again in the new form unless the resolution professional asks you to.

What Part II of the new Form CA asks a homebuyer

• Section I — Particulars of the allottee: name of allottee(s), PAN if available, other proof of identity if PAN is not available (Aadhaar, passport or another government-issued document), address for correspondence, email ID and mobile number.
• Section II — Project and unit details: name of the real estate project, RERA registration number if applicable, tower or block number, unit or apartment number, type of unit (residential or commercial), and date of allotment or agreement for sale.
• Section III — Financial details: total purchase value as per the agreement, and the amount paid and amount claimed till the insolvency commencement date, with a payment-wise breakup showing date, amount paid, mode of payment (bank transfer, cheque or others), and principal, interest and total claimed.
• Section IV — Preference of relief: the allottee ticks one preference — possession of the unit, execution of the conveyance deed or registration or transfer of title, refund of the amount paid, or any other relief specified. The form carries an express note: this preference is for information only. It does not confer any right to the relief indicated, does not bind the successful resolution applicant, and creates no obligation — the relief actually available is governed by the terms of the resolution plan as approved by the Adjudicating Authority.
• Section V — Possession status: whether possession has been handed over, and if yes, the date of possession.
• Supporting documents: agreement for sale or allotment letter, proof of payments made, possession letter if any, and any other relevant document. The form may be submitted electronically or in physical form, as notified in the public announcement.
• Declaration and verification: the claimant declares the corporate debtor's indebtedness as at the insolvency commencement date, lists the documents relied on, confirms they are true, valid and genuine with no material facts concealed, discloses set-off details, states whether they are a related party under section 5(24) of the Code, and states whether they are eligible to give voting instructions to the authorised representative under the proviso to section 21(2) of the Code even though a related party.

Circular 110/2026: RERA compliance and visible disclosure during CIRP

Circular 110/2026 addresses a different gap. In the insolvency of a corporate debtor with one or more real estate projects, information about project registration, sanctioned plans, statutory approvals, designated bank accounts and construction progress is available on the web portal of the concerned Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation and Development) Act, 2016 — but, the circular notes, that information is often not readily available to the insolvency professional from the corporate debtor's own records, or is found incomplete or inconsistent. At the same time, stakeholders visiting project sites and offices often do not know the company is undergoing insolvency at all. The circular therefore imposes four duties:

• RERA compliance during CIRP. The interim resolution professional or resolution professional (IRP/RP) must ensure compliance with the applicable provisions of the RERA Act and the rules and regulations made under it during the insolvency process. Insolvency does not suspend the project's RERA obligations.
• Consultation with RERA on plan feasibility. In addition to the participation contemplated under the CIRP Regulations, 2016, the resolution professional may invite the concerned RERA to submit its views in writing, if it so desires, on the regulatory compliance, feasibility and implementation aspects of resolution plans under consideration by the Committee of Creditors (CoC). The resolution professional must place any views so furnished before the CoC and make them available to prospective resolution applicants. Note the limit: the circular gives RERA a channel to be heard, not a veto — it does not say a plan needs RERA's approval, and the CoC's decision-making role is unchanged.
• Disclosure at project and office sites within seven days. The IRP/RP must ensure that the commencement of insolvency is prominently disclosed, within seven days of appointment, through conspicuous signboards at the main entrance or another prominent location at the site of each real estate project of the corporate debtor, and through notice boards at the registered office, corporate office, site office, sales office and any other office of the corporate debtor accessible to stakeholders. The signboard and notice board must state that the corporate debtor is undergoing insolvency and must give the name and contact details of the IRP/RP. They must remain displayed till the conclusion of insolvency and be updated forthwith upon any change in the IRP/RP. The circular expressly allows further particulars to be displayed where appropriate to the facts of the project.
• Seeking information from RERA. Upon commencement of insolvency, the IRP/RP must obtain, for each real estate project, whatever is available on the concerned RERA's web portal: project registration details; sanctioned plans and approved project configurations; status of project registration and extensions; allottee records available with the authority; status of the separate bank account maintained under RERA; approvals, permissions and compliances relating to the project; and any other information relevant to discharging duties under the Code. The IRP/RP may use this information for preparing the Information Memorandum, verifying claims and assessing project status. Where the corporate debtor's records are incomplete, unavailable or inconsistent, the IRP/RP may rely on the RERA portal records as an important source of information, subject to due verification and reconciliation.

Old position vs new position

Who is affected

• Homebuyers (real estate allottees) in a project under insolvency: the primary beneficiaries. Filing a claim becomes simpler and project-specific, and the site boards give you the resolution professional's contact without having to chase it.
• Other financial creditors in a class (for example, debenture holders or other class creditors in the same insolvency): you file in Part I of the revised form; the form's structure for your category continues, now separated from the allottee part.
• Interim and resolution professionals handling real estate insolvencies: new, deadline-bound duties — the seven-day disclosure clock, RERA compliance during insolvency, RERA-portal data collection, and the option (with a follow-through duty) of inviting RERA's written views on plans.
• Prospective resolution applicants: better inputs — RERA's views on plans under consideration must be made available to you, and the Information Memorandum should now rest on verified RERA-portal data as well as the debtor's records.
• Members of the Committee of Creditors: RERA's written views, where furnished, must be placed before you before decisions on plans.
• Homebuyers in projects not in insolvency: not directly affected. Neither circular creates new rights for allottees outside an insolvency process, and neither changes RERA registration or project approval requirements themselves.

What to do next

If you are a homebuyer in a project under insolvency

1. Check whether you have already filed. If you filed your claim in the earlier Form CA before 30 October 2026, you need not re-submit. If you have not filed yet, file in the revised Form CA (Part II) on or after 30 October 2026, in the mode notified in the public announcement (electronic or physical).
2. Gather the Part II documents before you file: your agreement for sale or allotment letter, proof of every payment made, and your possession letter if possession was handed over. Fill the payment breakup carefully — date, amount and mode for each payment, split into principal and interest claimed.
3. Tick your relief preference honestly, but understand its status. Possession, conveyance or title transfer, refund, or another specified relief — the form records it to help collate project-wise information and help applicants frame plans; it does not promise that relief.
4. Use the site boards. Within seven days of the insolvency professional's appointment, the project site and the builder's offices must display the insolvency status with the professional's name and contact details. Use that contact for claim and process queries instead of relying on the builder's old channels.
5. Cross-check your project on the RERA portal. The resolution professional is now required to draw on the same portal data — registration, sanctioned plans, extensions, separate bank account status — so checking your project's RERA record yourself helps you spot discrepancies in your claim early.

If you are an insolvency professional handling a real estate insolvency

1. Start the seven-day clock on appointment. Put signboards at the main entrance or another prominent location at each project site and notice boards at the registered, corporate, site and sales offices and any other stakeholder-accessible office, showing insolvency status and your name and contact details; diary a check that they stay up till insolvency ends and are updated immediately on any change of professional.
2. Pull the RERA portal file for every project at commencement: registration details, sanctioned plans and approved configurations, registration status and extensions, allottee records, separate bank account status, and approvals and compliances — and reconcile it against the debtor's records, recording where you relied on the portal record.
3. Build RERA compliance into the insolvency plan and, where a resolution plan is before the CoC, consider inviting the concerned RERA's written views on compliance, feasibility and implementation — and if views come in, place them before the CoC and share them with prospective applicants.
4. Accept new claims in the revised Form CA and do not ask earlier filers to re-submit.

Frequently asked questions

What is the new Form CA for homebuyers in insolvency? The revised Form CA under IBBI Circular 109/2026 dated 30 October 2026 splits claim filing into two parts: Part I for financial creditors in a class other than real estate allottees, and Part II, a dedicated section for real estate allottees covering project and unit details, payments made, relief preference and possession status.

Do I need to re-file my claim in the new Form CA if I already filed? No. Circular 109/2026 states that claims already filed in the earlier Form CA before 30 October 2026 need not be re-submitted; the revised form applies to claims filed on or after that date.

What does the seven-day disclosure rule require in a real estate insolvency? Under IBBI Circular 110/2026 dated 30 October 2026, the insolvency professional must, within seven days of appointment, prominently disclose the insolvency through signboards at each real estate project site and notice boards at the corporate debtor's offices, showing that the company is undergoing insolvency along with the professional's name and contact details, until the insolvency concludes.

Can RERA block a resolution plan under the new circular? No. Circular 110/2026 lets the resolution professional invite RERA's written views on a plan's regulatory compliance, feasibility and implementation, and requires those views to be placed before the Committee of Creditors and shared with prospective applicants — but it does not give RERA an approval or veto over the plan.

Does ticking "possession" in Form CA guarantee I get my flat? No. The form states the relief preference is for information only: it does not confer a right to that relief or bind the successful resolution applicant, and the relief actually available is governed by the resolution plan approved by the Adjudicating Authority.

Which IBBI circulars were issued on 30 October 2026 for real estate insolvency? Circular No. IBBI/CIRP/109/2026 (revised Form CA for claims by financial creditors in a class, including real estate allottees) and Circular No. IBBI/CIRP/110/2026 (RERA compliance, RERA consultation on plan feasibility, site and office disclosure, and RERA-portal information for corporate debtors with real estate projects), both issued under section 196 of the Insolvency and Bankruptcy Code, 2016.

How do these circulars relate to the CIRP Fifth Amendment Regulations, 2026? The regulations, notified the same day (30 October 2026) and announced by IBBI Press Release No. IBBI/PR/2026/18 dated 31 October 2026, allow a real estate project to be excluded from insolvency on a Committee of Creditors recommendation; the two circulars supply the claim-filing and transparency machinery that runs alongside that project-wise approach. Read our coverage of the regulations here.

Sources

• IBBI Circular No. IBBI/CIRP/109/2026 dated 30 October 2026 — Introduction of revised Form CA for filing of claims by real estate allottees (official PDF)
• IBBI Circular No. IBBI/CIRP/110/2026 dated 30 October 2026 — Compliance with RERA for CDs having real estate projects and disclosure of CIRP at project and office sites of the CD (official PDF)
• IBBI Press Release No. IBBI/PR/2026/18 dated 31 October 2026 — CIRP Fifth Amendment Regulations, 2026 (official PDF, related reading)

Note: This article is a general information summary of the two IBBI circulars. It is not legal advice for any specific insolvency; homebuyers and professionals should read the circulars themselves and take professional advice on their own case.