RP Need to Filing IBC Form in monthly Report: Regulation 40B

IBBI Regulation 40B Filing of Forms Reporting Requirements: Structured Timelines & Penalties Introduced

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.

IBBI Notifies Revised CIRP Filing Norms: Mandatory Electronic Filing of New Forms (CP-1 to CP-5):

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:

Key Provisions of the Amendment

• 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

• Objective of this IBBI regulation: Insolvency and Bankruptcy Board of India (Insolvency Resolution Process
  for Corporate Persons) (Third Amendment) Regulations, 2025 is coming into effect to ensure systematic, timely, and accurate reporting by Interim Resolution Professionals (IRPs) and Resolution Professionals (RPs) during the CIRP.

Other Key Provisions

• Electronic Filing: All forms are to be filed on the IBBI’s electronic platform. IBBI may modify the forms periodically.
• Timelines: Generally, forms must be submitted on or before the 10th day of the following 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.

• Accuracy & Completeness: IRP/RP must ensure all information and enclosures are accurate and complete.

• 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.

Our IBC services

Rajput Jain & Associates with extensive experience before NCLT/NCLAT, our team is equipped to deliver strategic, result-driven support across insolvency proceedings.  Our Key Services:

• Drafting & filing Resolution Plan Applications (Sec. 30) and Liquidation Applications (Sec. 33).
• Filing & handling applications under Secs. 7, 9, 10, 60, and others.
• Support to Resolution Professionals (RPs) and CoC, including drafting, vetting, rejoinders, affidavits & compliance reports.
• Representation of financial/operational creditors, corporate debtors, and personal guarantors before NCLT/NCLAT.
• Having actively represented clients in complex insolvency and corporate litigation, I bring over five years of hands-on experience in CIRP, liquidation, and regulatory compliance.