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Corporate Laws Central Ministry of Corporate Affairs Insolvency and Bankruptcy Code, 2016

Filing of CIRP Forms for the purpose of monitoring corporate insolvency resolution processes and performance of insolvency professional entities under the Insolvency and Bankruptcy Code, 2016 and the regulations made thereunder

01-Sep-2023 | IBBI/CIRP/60/2023

Insolvency and Bankruptcy Board of India (IBBI) has issued a circular regarding the filing of Corporate Insolvency Resolution Process (CIRP) forms for monitoring corporate insolvency resolution processes and the performance of insolvency professional entities (IPEs) under the Insolvency and Bankruptcy Code, 2016.

The key points from the circular:

1. The IBBI had notified the IBBI (Insolvency Professionals) (Fourth Amendment) Regulations, 2022, which allowed IPEs to enroll, register, and act as insolvency professionals (IPs) for conducting insolvency processes under the Insolvency and Bankruptcy Code, 2016.

2. Initially, the facility for submitting CIRP forms was not available to IPEs acting as IPs, and they were unable to submit the relevant CIRP Forms on the IBBI website.

3. The circular now extends the facility for submitting CIRP Forms to IPEs acting as IPs. These IPEs will access the platform using a unique username and password provided by the IBBI. They will then authorize an IP handling the process to upload and submit the CIRP Forms.

4. The authorized IP will submit the CIRP Forms along with relevant information and records using their individual username and password.

5. To facilitate the submission of forms for all assignments handled by these IPEs through the newly introduced facility, CIRP forms filed until September 30, 2023, will not attract any fee. After this date, fees will apply as specified in the regulations.

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