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The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025, which come into effect from 1st June 2025, introduce a revamped Regulation 40B that significantly enhances reporting, accountability, and timeliness in the Corporate Insolvency Resolution Process (CIRP).
This amendment significantly revises Regulation 40B of the IBBI (CIRP) Regulations, 2016, introducing a structured and time-bound framework for the electronic submission of forms by Interim Resolution Professionals (IRPs) and Resolution Professionals (RPs) during the CIRP.
The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025, through a gazette notification dated 19th May 2025, with effect from 1st June 2025. Here’s a structured summary of the key amendments:
Who files: Interim Resolution Professionals (IRPs) and Resolution Professionals (RPs)
Where: IBBI’s electronic platform
Forms: Each covers a distinct stage in the CIRP process. IRPs/RPs must now closely monitor deadlines and adopt robust internal tracking mechanisms. Timely and precise filings are crucial to avoid financial penalties and regulatory action. Forms CP-1 to CP-5 must be filed electronically through the IBBI portal. These forms cover the entire lifecycle of CIRP, including Commencement of CIRP, Constitution of the Committee of Creditors (CoC), Submission and approval of resolution plans, Reporting of avoidance transactions, Monthly progress updates
| Form | Period & Scope | To be Filed By | Timeline |
|---|---|---|---|
| CP-1 | From CIRP commencement till constitution of CoC: includes admission order, public announcement, AR details, claim verification, CoC constitution, etc. | IRP | On or before 10th day of the month after report on CoC is filed with AA |
| CP-2 | From CoC constitution till issue of RFRP: includes RP appointment, registered valuers, IM, EoIs, RFRP and modifications. | RP | On or before 10th day of the month after RFRP issuance |
| CP-3A | Resolution plan / liquidation / closure application filed with AA. | RP | On or before 10th day of the month after application filed with AA |
| CP-3B | Resolution plan / liquidation / closure approved or disposed by AA. | RP | Within 7 days of disposal by AA |
| CP-4 | Avoidance transactions (preferential, undervalued, fraudulent, etc.) reported to or disposed by AA. | RP | On or before 10th day of the month after filing/disposal |
| CP-5 | Monthly report: Status update, CoC meetings, litigation updates, expenses, delays. | IRP / RP | On or before 10th of every month for the preceding month |
Form CP-3B (regarding AA’s approval of resolution or liquidation) must be filed within 7 days of the Adjudicating Authority’s (AA) order.
Late Filing Penalty: INR 500 per form per month of delay, effective from a date to be notified by IBBI via circular.
Consequences for Non-compliance: IBBI may take action including refusal to issue/renew Authorisation for Assignment (AFA) if Forms are not filed. Inaccurate/incomplete filings. Delayed submissions.
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