{"id":21473,"date":"2022-01-25T00:11:58","date_gmt":"2022-01-24T18:41:58","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=21473"},"modified":"2023-09-09T12:19:40","modified_gmt":"2023-09-09T06:49:40","slug":"cirp-return-forms-needed-to-be-file-by-irp-rp-liquidator","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/cirp-return-forms-needed-to-be-file-by-irp-rp-liquidator\/","title":{"rendered":"CIRP Return\/Form needed to be file by the IRP\/RP\/Liquidator"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69fcc1d122305\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69fcc1d122305\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/cirp-return-forms-needed-to-be-file-by-irp-rp-liquidator\/#ReturnForms_required_to_be_file_by_IRPRPLiquidator_with_IBBI_Under_The_Corporate_Insolvency_Resolution_Process_%E2%80%98CIRP\" title=\"Return\/Forms required to be file by \u00a0IRP\/RP\/Liquidator with IBBI Under The Corporate Insolvency Resolution Process (&#8216;CIRP&#8217;)\">Return\/Forms required to be file by \u00a0IRP\/RP\/Liquidator with IBBI Under The Corporate Insolvency Resolution Process (&#8216;CIRP&#8217;)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/cirp-return-forms-needed-to-be-file-by-irp-rp-liquidator\/#What_are_Forms_or_return_required_to_be_file_by_by_IRPRPLiquidator_with_IBBI\" title=\"What are Forms or return required to be file by\u00a0 by IRP\/RP\/Liquidator with IBBI?\">What are Forms or return required to be file by\u00a0 by IRP\/RP\/Liquidator with IBBI?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/cirp-return-forms-needed-to-be-file-by-irp-rp-liquidator\/#FILING_OF_FORMS_TO_IBBI_BY_THE_IPs_OR_LIQUIDATOR_APPOINTED_UNDER_IBC_2016\" title=\"FILING OF FORMS TO IBBI BY THE IP&#8217;s OR LIQUIDATOR APPOINTED UNDER IBC, 2016.\">FILING OF FORMS TO IBBI BY THE IP&#8217;s OR LIQUIDATOR APPOINTED UNDER IBC, 2016.<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/cirp-return-forms-needed-to-be-file-by-irp-rp-liquidator\/#Details_about_the_MCA_Circular_No_dated_6th_Marche_2020\" title=\"Details about the MCA Circular No. dated 6th Marche 2020\">Details about the MCA Circular No. dated 6th Marche 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/cirp-return-forms-needed-to-be-file-by-irp-rp-liquidator\/#Implication\" title=\"Implication:\">Implication:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21476\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/CIRP-Return-Forms-needed-to-be-file-by-IRP-RP-Liquidator-300x126.png\" alt=\"CIRP Return Forms needed to be file by IRP RP Liquidator\" width=\"1009\" height=\"424\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/CIRP-Return-Forms-needed-to-be-file-by-IRP-RP-Liquidator-300x126.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/CIRP-Return-Forms-needed-to-be-file-by-IRP-RP-Liquidator-768x322.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/CIRP-Return-Forms-needed-to-be-file-by-IRP-RP-Liquidator-800x335.png 800w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/CIRP-Return-Forms-needed-to-be-file-by-IRP-RP-Liquidator.png 1024w\" sizes=\"(max-width: 1009px) 100vw, 1009px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"ReturnForms_required_to_be_file_by_IRPRPLiquidator_with_IBBI_Under_The_Corporate_Insolvency_Resolution_Process_%E2%80%98CIRP\"><\/span><span style=\"color: #ff0000;\"><strong>Return\/Forms required to be file by \u00a0IRP\/RP\/Liquidator with IBBI Under The Corporate Insolvency Resolution Process (&#8216;CIRP&#8217;)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Filing of return\/Forms IP 1 &amp; CIRP 1 to CIRP 6 for the purpose of monitoring corporate insolvency resolution processes and insolvency professionals&#8217; performance as monetary by the Insolvency and Bankruptcy Code, 2016 and its regulations.<\/li>\n<li>Authorisation for Assignment (<em>AFA<\/em>) will be provided by the IPAs to those IPs, who have filed all of the Forms that have become due on the date of the authorisation&#8217;s issuance.<\/li>\n<li>Insolvency and Bankruptcy Board of India\u00a0 has developed an electronic platform for filing the above-mentioned Forms in consultation with the IPAs.<\/li>\n<li>The platform can be found on the The Insolvency and Bankruptcy Board of India website at https:\/\/www.ibbi.gov.in. which has been open for filings on 16th, Sept 2019.<\/li>\n<li>After affixing DSC or e-signing, an Interim Resolution Professional\/Resolution Professional \/Liquidator shall enter the aforementioned platform using a unique login and password supplied by the IBBI and upload \/ submit the Forms to the Insolvency and Bankruptcy Board of India\u00a0 along with necessary information &amp; records.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22439\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/1-CIRP-PLOW-chart.jpg\" alt=\"CIRP PLOW chart\" width=\"965\" height=\"561\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/1-CIRP-PLOW-chart.jpg 750w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/1-CIRP-PLOW-chart-300x174.jpg 300w\" sizes=\"(max-width: 965px) 100vw, 965px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_Forms_or_return_required_to_be_file_by_by_IRPRPLiquidator_with_IBBI\"><\/span><span style=\"color: #000080;\">What are Forms or return required to be file by\u00a0 by IRP\/RP\/Liquidator with IBBI?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><span style=\"color: #000080;\">Forms by IRP\/RP\/Liquidator with IBBI<\/span><\/strong><\/p>\n<table style=\"height: 2097px;\" width=\"972\">\n<tbody>\n<tr>\n<td width=\"54\"><strong>S. No.<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"168\"><strong>Particulars of Forms<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"162\"><strong>Due Date<\/strong><\/td>\n<td width=\"324\"><strong>Remarks<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"54\">1.<\/td>\n<td width=\"168\"><strong>Authorization for Assignment\u00a0(<em>AFA<\/em>)\u00a0<\/strong><\/td>\n<td width=\"162\">Date on which Authorisation for Assignment&#8217;. (<em>AFA<\/em>) initially filed<\/td>\n<td width=\"324\">On and before the due date IRP\/RP \/ Liquidator Required during the financial year.,<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">2.<\/td>\n<td width=\"168\"><strong>Annual Professional Fee<\/strong><\/td>\n<td width=\"162\">30<sup>th<\/sup> April of every year<\/td>\n<td width=\"324\">Professional fee earned in preceding financial year.<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">3.<\/td>\n<td width=\"168\"><strong>Form IP -1<\/strong><\/td>\n<td width=\"162\">On and before 3 days of giving consent<\/td>\n<td width=\"324\">Form IP-1 form is required to be filed, irrespective of the fact that application is admitted by AA or not<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">4.<\/td>\n<td width=\"168\"><strong>Assignment<\/strong><\/td>\n<td width=\"162\">After the appointment<\/td>\n<td width=\"324\">As IRP\/RP\/Liquidator\/Bankruptcy Trustee<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">5.<\/td>\n<td width=\"168\"><strong>CIRP 1<\/strong><\/p>\n<p>Starting from Commencement of CIRP till the Issue of Public Announcement<\/td>\n<td width=\"162\">Within 7 days from making of Public Announcement<\/td>\n<td width=\"324\">Details in respect of IRP, CD, and the Applicant, admission of application, public announcement, details of Authorized Representatives, and other laws applicable to the CD, etc.<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">\n<hr \/>\n<p>6.<\/td>\n<td width=\"168\"><strong>CIRP 2 <\/strong><\/p>\n<p>Starting from Public Announcement till replacement of IRP<\/td>\n<td width=\"162\">Within 7 days of replacement of IRP.<\/td>\n<td width=\"324\">Details of Authorized Representative selected by IRPs in respect of class of creditors (CoC), taking over management of the CD, receipt and verification of claims, constitution of CoC, first meeting of CoC, confirmation \/ replacement of IRP, expenses incurred on or by IRP, relationship of IRP with the CD, financial creditors and Professionals, support services required from IPE.<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">7.<\/td>\n<td width=\"168\"><strong>CIRP 3 <\/strong><\/p>\n<p>Starting from Appointment of RP till issue of Information Memorandum (IM) to Members of CoC<\/td>\n<td width=\"162\">Within 7 days from issue of Information Memorandum\u00a0 to members of CoC<\/td>\n<td width=\"324\">Details of RP and registered valuers, handing over of records of CD by IRP to RP, taking over management of the CD, applications seeking co-operation of management (if any), details in IM<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">8.<\/td>\n<td width=\"168\"><strong>CIRP 4 <\/strong><\/p>\n<p>Starting from Issue of Information Memorandum till issue of Request for Resolution Plans<\/td>\n<td width=\"162\">Within 7 days of the issue of Request for Resolution Plans<\/td>\n<td width=\"324\">Details of Expression of Interest, request for resolution plans and modification thereof, evaluation matrix<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">9.<\/td>\n<td width=\"168\"><strong>CIRP 5 <\/strong><\/p>\n<p>Starting from Issue of Request for Resolution Plans till completion of CIRP:<\/td>\n<td width=\"162\">Within 7 days of the approval or rejection of the resolution plan or issue of order for liquidation, as the case may be, by AA<\/td>\n<td width=\"324\">Details of updated list of claimants, updated CoC, resolution applicants, resolution plans received, details of approval or rejection of resolution plans by CoC, application filed with AA for approval of resolution plan;<\/p>\n<p>Details of resolution plan approved by the AA, initiation of liquidation, if applicable, expenses incurred on or by RP, appointment of professionals and the terms of appointment, relationship of the RP with the CD, financial creditors, and professionals, and support services sought from IPE.<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">10.<\/td>\n<td width=\"168\"><strong>CIRP 6 <\/strong><\/p>\n<p>Event Specific<\/td>\n<td width=\"162\">Within 7 days of the occurrence of respective event.<\/td>\n<td width=\"324\">a. Filing of application of preferential transaction, undervalued transaction, fraudulent transaction, and extortionate transaction;<\/p>\n<p>b. Raising of interim finance;<\/p>\n<p>c. Insolvency Resolution Process of Guarantors;<\/p>\n<p>d. Extension of period of CIRP<\/p>\n<p>e. Premature closure of CIRP, including appeal, settlement, withdrawal, etc.;<\/p>\n<p>f. Request for liquidation before completion of CIRP;<\/p>\n<p>g. Non implementation of resolution plan as approved by the AA.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 class=\"pgheadertitle animated fadeInLeft\"><span class=\"ez-toc-section\" id=\"FILING_OF_FORMS_TO_IBBI_BY_THE_IPs_OR_LIQUIDATOR_APPOINTED_UNDER_IBC_2016\"><\/span><span style=\"color: #ff0000;\">FILING OF FORMS TO IBBI BY THE IP&#8217;s OR LIQUIDATOR APPOINTED UNDER IBC, 2016.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/MCA-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21474\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/MCA-1-300x153.jpg\" alt=\"mca\" width=\"951\" height=\"485\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/MCA-1-300x153.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/MCA-1-768x392.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/MCA-1-800x409.jpg 800w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/01\/MCA-1.jpg 822w\" sizes=\"(max-width: 951px) 100vw, 951px\" \/><\/a><\/p>\n<p>Ministry of Corporate Affairs through Circular ((General Circular No. dated 6th Marche 2020) issued for explanation on for statutory compliances in relation of companies under CIRP process.\u00a0 details are mentioned as follows,<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22423\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/06\/531-of-IBC-act.jpg\" alt=\"53(1) of IBC act- IBC : Realisation &amp; Distribution of Assets by Liquidator\" width=\"973\" height=\"578\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/06\/531-of-IBC-act.jpg 748w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/06\/531-of-IBC-act-300x178.jpg 300w\" sizes=\"(max-width: 973px) 100vw, 973px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Details_about_the_MCA_Circular_No_dated_6th_Marche_2020\"><\/span><span style=\"color: #000080;\"><strong>Details about the MCA Circular No. dated 6th Marche 2020<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Interim Resolution Professional\/Resolution Professional \/Liquidator is required to initially file with The National Company Law Tribunal order approving him as the Interim Resolution Professional\/Resolution Professional \/Liquidator in Ministry of Corporate Affairs -Form INC-28.<\/li>\n<li>Master Data for change in the status of the company from \u201c \u201cinactive\u201d\/ Active\u201d to CIRP \/ Liquidation or CIRP \/Liquidation to \u201cActive\u201d shall be effected on the basis of Formal Change Request Form submitted by IBBI to e-governance Cell at MCA(HQ).<\/li>\n<li>Resolution Professional shall be responsible for filing all the e-forms in the Ministry of Corporate Affairs portal and sign the form in the capacity of chief executive officer in order to meet filing protocol in the architecture of the existing form. (this shall in no way affect his legal status as Resolution Professional)<\/li>\n<li>It is further explained that with respect of companies which are marked under corporate insolvency resolution processes in the Registry, Annual Return (e-form No.MGT-7) and Financial Statement (e-form AOC-4) and other documents under the provisions of the Companies Act, 2013,<\/li>\n<li>In accordance with directions issued by the National Company Law Tribunal\/ the national company law appellate tribunal\/Courts, shall be filed as attachments with e-form GNL-2 against the payment of one time normal fee-only, till such time the company remains under corporate insolvency resolution processes.<\/li>\n<\/ul>\n<p>It is also explained that relevant Resolution Professional of every company which was under corporate insolvency resolution processes prior to the issue of this circular shall also file Ministry of Corporate Affairs e-form INC-28 for such companies and thereafter proceed to file other documents\/fact\/ information as required under the Act &amp; Rules thereunder via e-form GNL-2.<\/p>\n<p>For details about the\u00a0<a href=\"https:\/\/mca.gov.in\/Ministry\/pdf\/Circular8_06032020.pdf\">Circular\u00a0 Click here.<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/press-releases\/filing-of-cirp-forms-for-monitoring-cirp-and-performance-of-ipe-under.pdf\"><strong>Filing of CIRP Forms for monitoring CIRP &amp; performance of IPE under IBC<\/strong><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Implication\"><\/span><span style=\"color: #000080;\"><strong>Implication:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Unless and untill MCA e-form INC-28\u00a0 is duly approved,\u00a0 Interim Resolution Professional\/Resolution Professional \/Liquidator in his position as designated CEO would be unable to file any other forms.<\/li>\n<li>Resolution Professional in his role as designated CEO shall again file e-form INC-28 upon the approval of the resolution plan, initiation of liquidation proceedings or upon withdrawal of the application for CIRP based.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Return\/Forms required to be file by \u00a0IRP\/RP\/Liquidator with IBBI Under The Corporate Insolvency Resolution Process (&#8216;CIRP&#8217;) Filing of return\/Forms IP 1 &amp; CIRP 1 to CIRP 6 for the purpose of monitoring corporate insolvency resolution processes and insolvency professionals&#8217; performance as monetary by the Insolvency and Bankruptcy Code, 2016 and its regulations. Authorisation for Assignment &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8789],"tags":[4235],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/21473"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=21473"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/21473\/revisions"}],"predecessor-version":[{"id":25415,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/21473\/revisions\/25415"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=21473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=21473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=21473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}