Insolvency Professionals, Take Note! IBBI Introduces New Forms For CIRP
The reform aims to reduce compliance burden on insolvency professionals while maintaining effective oversight of insolvency resolution process
(The Corner Office Journal) -- The Insolvency & Bankruptcy Board of India (IBBI) has introduced revised forms that insolvency professionals must use for the matters related to the corporate insolvency resolution process (CIRP).
“Under the revised framework, the existing nine forms (consisting of Form IP-1 and CIRP Form 1 to Form 8) are being consolidated into five forms (CP-1 to CP-5),” the insolvency regulator said in a statement.
The new framework introduces a standardized monthly reporting cycle, replacing the current system of multiple event-based due dates during the month, it added.
“These changes are expected to significantly reduce the time and effort required for compliance by the insolvency professionals while ensuring that the board receives all essential information on [a] timely basis,” the IBBI said.
The new forms (indicative templates) will be available on the IBBI's website from 1 June and the existing forms will be discontinued, according to the statement.
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