Section 29 explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Section 29 makes the resolution professional prepare an information memorandum so that resolution applicants can formulate their plans, and requires the professional to give each applicant access to all relevant information, provided the applicant makes three undertakings. This article reads it as per the IBBI consolidated text of the Code amended up to 12 August 2021. The Insolvency and Bankruptcy Code (Amendment) Act, 2026 does not amend section 29.
The resolution professional prepares an information memorandum in the form and manner, and with the relevant information, specified by the Board for formulating a resolution plan. He must give each resolution applicant access to all relevant information in physical and electronic form, provided the applicant undertakes to follow the law on confidentiality and insider trading, to protect the corporate debtor's intellectual property, and not to share the information with third parties unless those two are complied with. The Explanation defines "relevant information".
Sub-section (1): the information memorandum
Section 29(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."
Section 5(10) defines the term: "information memorandum" means a memorandum prepared by the resolution professional under sub-section (1) of section 29. It is prepared by the resolution professional as part of his duties; section 25(2)(g) lists "prepare the information memorandum in accordance with section 29" (see the section 25 article). The form and manner are left to the Board, and the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are the set that implements the corporate process; the copy consulted is amended up to 09-06-2026 as printed under its title. Nothing else from them is taken here.
A resolution applicant, or a lender weighing a bid, needs to know what the memorandum contains and how far it can be relied on. A financial and legal due diligence review can test it against the corporate debtor's records before a plan is built.
Sub-section (2): access to information and the three undertakings
Section 29(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-"
| Clause | Undertaking by the resolution applicant |
|---|---|
| (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 |
| (c) | not to share relevant information with third parties unless clauses (a) and (b) of this sub-section are complied with |
Access is therefore tied to the undertakings. The sub-section says "shall provide ... provided" so the duty to give access runs together with the applicant's undertakings. The section does not say how an undertaking is to be given or what follows if it is broken. The references to law on confidentiality and insider trading are to laws "for the time being in force"; the section names no particular Act.
The Explanation: relevant information
"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."
Three points follow. First, the test is what the applicant requires "to make the resolution plan". Second, two items are named: the financial position (defined in section 5(9) as the financial information of a person as on a certain date) and all information related to disputes by or against the corporate debtor ("dispute" is defined in section 5(6); see the section 5 article). Third, further matters may be specified.
Example. Rangan Auto Parts Private Limited is in the process. The resolution professional prepares the information memorandum covering the company's financial position and a schedule of its disputes. Two potential applicants ask for data on customer contracts and on a pending arbitration. Each gives the three undertakings; the professional gives access in physical and electronic form. One applicant then wishes to share the data with its bank; clause (c) allows sharing only if clauses (a) and (b) are complied with.
Where section 29 sits in the sequence
- The resolution professional is appointed under section 22 (see the sections 22 and 23 article).
- He prepares the information memorandum (section 25(2)(g), section 29(1)) and invites prospective resolution applicants (section 25(2)(h)).
- Applicants get access (section 29(2)) and submit plans under section 30; see the section 30 article.
- The committee of creditors considers the plans.
For the overall plan route, the site's post on resolution plans provides context.
Who is affected
- Resolution applicants rely on the memorandum and on access; they carry the undertakings.
- Resolution professionals carry the preparation and access duties.
- Creditors on the committee evaluate plans prepared from this information.
- The corporate debtor and its promoters supply the underlying records under their duty to cooperate (see section 19 in the section 19 article).
What the Amendment Act, 2026 and later texts say
The Amendment Act, 2026 (No. 6 of 2026) does not amend section 29. It amends sections close to it, including sections 25 and 30. The Amendment Act, 2026 comes into force on the date or dates the Central Government notifies; the notification is not in the texts consulted, so check whether those changes have been notified. Amendments and notifications made after 12 August 2021, other than the Amendment Act, 2026, are not in the texts consulted and should be checked.
Need help reading or relying on an information memorandum?
For bidders, lenders and promoters, the memorandum is where a plan starts. Our financial and legal due diligence service can review the memorandum and the underlying records so that a plan or a vote rests on checked facts.
Key takeaways
- The resolution professional prepares the information memorandum in the form and manner the Board specifies.
- Access to all relevant information is given in physical and electronic form once three undertakings are made.
- The undertakings cover confidentiality and insider trading law, protection of intellectual property, and no sharing with third parties unless those are complied with.
- Relevant information includes the financial position and information on disputes by or against the corporate debtor.
- Section 29 is not amended by the 2026 Act.
Read next
- Section 30: submission of the resolution plan
- Section 28: actions needing prior approval of the committee
- Section 29A: who cannot be a resolution applicant
- Resolution plan: contents, approval and implementation
Disclaimer: Based on the IBBI consolidated text of the Insolvency and Bankruptcy Code, 2016 amended up to 12 August 2021 and on the Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026), which comes into force on the date or dates notified by the Central Government, as consulted on 2 October 2026. It explains the words of the statute only; commencement notifications, other amendments made after 12 August 2021, notified thresholds, the rules and IBBI regulations, and the way tribunals and courts apply these sections should be checked. This article is general information, not legal advice; check the official text before acting.