{"id":29825,"date":"2025-09-04T13:27:44","date_gmt":"2025-09-04T07:57:44","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=29825"},"modified":"2025-09-04T17:38:07","modified_gmt":"2025-09-04T12:08:07","slug":"common-issues-on-monitoring-peer-review-for-ips","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/","title":{"rendered":"Common Issues on Monitoring &#038; Peer Review for IPs"},"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-69cffe0d76e9b\" 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-69cffe0d76e9b\"  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\/common-issues-on-monitoring-peer-review-for-ips\/#Common_Issues_on_Monitoring_Peer_Review_for_Insolvency_Professionals_IPs\" title=\"Common Issues on Monitoring &amp; Peer Review for Insolvency Professionals (IPs)\">Common Issues on Monitoring &amp; Peer Review for Insolvency Professionals (IPs)<\/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\/common-issues-on-monitoring-peer-review-for-ips\/#Common_Monitoring_Issues_for_Insolvency_Professionals\" title=\"Common Monitoring Issues for Insolvency Professionals\">Common Monitoring Issues for Insolvency Professionals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Common_Peer_Review_Issues_for_Insolvency_Professionals\" title=\"Common Peer Review Issues for Insolvency Professionals\">Common Peer Review Issues for Insolvency Professionals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Compliance_Responsibility_Framework_for_Resolution_Professionals\" title=\"Compliance &amp; Responsibility Framework for Resolution Professionals\">Compliance &amp; Responsibility Framework for Resolution Professionals<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Key_powersduties_under_IBC\" title=\"Key powers\/duties under IBC:\">Key powers\/duties under IBC:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Regulatory_Duties_CIRP_Regulations\" title=\"Regulatory Duties (CIRP Regulations)\">Regulatory Duties (CIRP Regulations)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Compliance_Ethical_Obligations\" title=\"Compliance &amp; Ethical Obligations\">Compliance &amp; Ethical Obligations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Special_Sectoral_Responsibilities_Post%E2%80%932025_Real_Estate_Amendments\" title=\"Special Sectoral Responsibilities (Post\u20132025 Real Estate Amendments)\">Special Sectoral Responsibilities (Post\u20132025 Real Estate Amendments)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Common_Non-Compliance_Issues_Judicial_Observations\" title=\"Common Non-Compliance Issues (Judicial Observations)\">Common Non-Compliance Issues (Judicial Observations)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Insolvency_professionals_should_follow_the_good_practices_under_IBC\" title=\"Insolvency professionals should follow the good practices under IBC : \">Insolvency professionals should follow the good practices under IBC : <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Duties_of_the_Resolution_Professional_RP_in_Relation_to_Claims\" title=\"Duties of the Resolution Professional (RP) in Relation to Claims\">Duties of the Resolution Professional (RP) in Relation to Claims<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Statutory_Provisions\" title=\"Statutory Provisions\">Statutory Provisions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Regulatory_Framework_CIRP_Regulations_2016\" title=\"Regulatory Framework (CIRP Regulations, 2016)\">Regulatory Framework (CIRP Regulations, 2016)<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Compliance_Checklist_for_Resolution_Professionals\" title=\"Compliance Checklist for Resolution Professionals\">Compliance Checklist for Resolution Professionals<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Pre-CIRP_Appointment_Stage\" title=\"Pre-CIRP &amp; Appointment Stage\">Pre-CIRP &amp; Appointment Stage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Claims_Management\" title=\"Claims Management\">Claims Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Committee_of_Creditors_CoC\" title=\"Committee of Creditors (CoC)\">Committee of Creditors (CoC)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Information_Memorandum_IM\" title=\"Information Memorandum (IM)\">Information Memorandum (IM)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Resolution_Plan_Process\" title=\"Resolution Plan Process\">Resolution Plan Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Avoidance_Transactions\" title=\"Avoidance Transactions\">Avoidance Transactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Monitoring_Reporting\" title=\"Monitoring &amp; Reporting\">Monitoring &amp; Reporting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Withdrawal_Liquidation\" title=\"Withdrawal &amp; Liquidation\">Withdrawal &amp; Liquidation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#_Ethical_Legal_Compliance\" title=\"\u00a0Ethical &amp; Legal Compliance\">\u00a0Ethical &amp; Legal Compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Judicial_Position_Principles\" title=\"Judicial Position &amp; Principles\">Judicial Position &amp; Principles<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/carajput.com\/blog\/common-issues-on-monitoring-peer-review-for-ips\/#Updated_CIRP_Compliance_Tracker_2025\" title=\"Updated CIRP Compliance Tracker (2025) \">Updated CIRP Compliance Tracker (2025) <\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-11595\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/01\/IBC-5-4-18.jpg\" alt=\"www.carajput.com; IBBI\" width=\"746\" height=\"513\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/01\/IBC-5-4-18.jpg 500w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/01\/IBC-5-4-18-300x206.jpg 300w\" sizes=\"(max-width: 746px) 100vw, 746px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Common_Issues_on_Monitoring_Peer_Review_for_Insolvency_Professionals_IPs\"><\/span><span style=\"color: #000080;\"><strong>Common Issues on Monitoring &amp; Peer Review for Insolvency Professionals (IPs)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Monitoring and peer review are key tools adopted by the Insolvency and Bankruptcy Board of India and Insolvency Professional Agencies to ensure compliance, transparency, and professional conduct by Insolvency Professionals. Common issues observed in Monitoring &amp; Peer Review of Insolvency Professionals are identified Based on IBBI inspection\/peer review trends and practical experience, here\u2019s a structured list:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Common_Monitoring_Issues_for_Insolvency_Professionals\"><\/span><span style=\"color: #000080;\"><strong>Common Monitoring Issues for Insolvency Professionals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Non-Compliance with Timelines : Delays in admission of claims, preparation of IM, constitution of CoC, filing with NCLT, submission of progress reports, or CIRP completion.<\/li>\n<li>Inadequate Record Keeping : Poor maintenance of minutes of meetings, claim registers, public announcements, valuation reports, and correspondence with stakeholders.<\/li>\n<li>Improper Disclosure : Non-disclosure of relationship\/interest with stakeholders. &amp; Non-updation of relationship disclosures on IBBI website within prescribed time.<\/li>\n<li>Financial Management Lapses : Not opening separate bank accounts for CIRP\/Liquidation. &amp; Delay in depositing\/appropriating funds with Improper utilization of interim finance.<\/li>\n<li>Non-Compliance with Reporting : Delay\/omission in filing various forms (CIRP Forms, Liquidation Forms, progress reports, compliance certificates). &amp; Incomplete or incorrect information in statutory filings.<\/li>\n<li>Valuation Issues : Delay in appointment of valuers, Non-adherence to the requirement of two registered valuers. &amp; Discrepancies in valuation methodology or report.<\/li>\n<li>CoC Related Lapses : Improper conduct of CoC meetings, Absence of agenda papers circulated in time &amp; Incorrect voting calculations or e-voting procedure.<\/li>\n<li>Fee &amp; Cost Related Irregularities: Non-disclosure of fee and expenses, Charging unreasonable fee without CoC approval &amp; Non-ratification of expenses.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Common_Peer_Review_Issues_for_Insolvency_Professionals\"><\/span><span style=\"color: #000080;\"><strong>Common Peer Review Issues for Insolvency Professionals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Documentation Gaps : Missing or incomplete CIRP\/Liquidation files. &amp; Poor audit trail for decisions taken.<\/li>\n<li>Non-Adherence to Ethical Standards: Conflict of interest not avoided. &amp; Inadequate independence in decision-making.<\/li>\n<li>Non-Standardised Practices : Variations in claim verification, valuation practices, and liquidation processes. &amp; Lack of uniformity in handling avoidance transactions.<\/li>\n<li>Communication Deficiencies : Lack of timely updates to creditors, CoC, and stakeholders. &amp; Non-maintenance of proper correspondence records.<\/li>\n<li>Training &amp; Capacity Building Gaps : IPs not keeping themselves updated with latest amendments, case laws, or IBBI circulars. &amp; Lack of use of technology in record keeping and process management.<\/li>\n<li>Inadequate Compliance Culture : Treating compliance as \u201cformality\u201d instead of integrating it into practice. &amp; Reactive compliance (only after monitoring\/inspection notice) instead of proactive adherence.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Compliance_Responsibility_Framework_for_Resolution_Professionals\"><\/span><span style=\"color: #000080;\">Compliance &amp; Responsibility Framework for Resolution Professionals<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Statutory Basis &amp; Appointment : Section 5(27) IBC\u00a0 state that RP ( insolvency professional ) appointed to conduct CIRP (includes IRP).<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_powersduties_under_IBC\"><\/span><span style=\"color: #000080;\">Key powers\/duties under IBC:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Management\/control of CD (Sec. 17, 20).<\/li>\n<li>Custodian of assets (Sec. 18).<\/li>\n<li>Constitute CoC, convene meetings (Sec. 21\u201324).<\/li>\n<li>Invite\/evaluate Resolution Plans (Sec. 25(2)(h), Sec. 30).<\/li>\n<li>File avoidance applications (Secs. 43\u201351, 66).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Regulatory_Duties_CIRP_Regulations\"><\/span><span style=\"color: #000080;\">Regulatory Duties (CIRP Regulations)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Custody &amp; control of assets\/records with witnesses (Reg. 3A).<\/li>\n<li>Access to books, registries, creditors\u2019 data (Reg. 4).<\/li>\n<li>Submission of Information Memorandum (Reg. 36).<\/li>\n<li>Monitoring Committee involvement post-plan approval (Reg. 38, Feb 2025 amendment).<\/li>\n<li>Filing of reports, CIRP forms, disclosures with IBBI\/IPA.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Compliance_Ethical_Obligations\"><\/span><span style=\"color: #000080;\">Compliance &amp; Ethical Obligations<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Must comply with Code of Conduct (IBBI IP Regulations, 2016).<\/li>\n<li>Maintain integrity, independence, confidentiality, objectivity.<\/li>\n<li>Conflict of Interest disclosures to IBBI\/IPA\/CoC (Reg. 3).<\/li>\n<li>Confidentiality of financial\/commercial data.<\/li>\n<li>Time-bound adherence to CIRP steps (strict timelines).<\/li>\n<li>Filing of regular reports, IM, CoC minutes.<\/li>\n<li>Liable for disciplinary action, penalties, suspension, prosecution for misconduct.<\/li>\n<li>Recognized as \u201cpublic servants\u201d under PC Act (Jharkhand HC, 2025), hence public accountability applies.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Special_Sectoral_Responsibilities_Post%E2%80%932025_Real_Estate_Amendments\"><\/span><span style=\"color: #000080;\">Special Sectoral Responsibilities (Post\u20132025 Real Estate Amendments)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Project-wise CIRP \u2192 ring-fence assets\/liabilities per project.<\/li>\n<li>Separate books &amp; bank accounts per project (Reg. 4D).<\/li>\n<li>Homebuyers = financial creditors with CoC participation.<\/li>\n<li>Invite resolution plans per project.<\/li>\n<li>Coordinate with RERA, local authorities.<\/li>\n<li>Handover possession of units to allottees (Reg. 4E).<\/li>\n<li>Submit reports on development rights (Reg. 30C).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Common_Non-Compliance_Issues_Judicial_Observations\"><\/span><span style=\"color: #000080;\">Common Non-Compliance Issues (Judicial Observations)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Failure to verify Section 29A eligibility of applicants.<\/li>\n<li>Non-filing of avoidance applications (Secs. 43\u201351).<\/li>\n<li>Inadequate engagement with operational creditors (esp. homebuyers).<\/li>\n<li>Poor documentation\/record keeping.<\/li>\n<li>Delay in disclosures &amp; filings.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Insolvency_professionals_should_follow_the_good_practices_under_IBC\"><\/span><span style=\"color: #000080;\"><strong>Insolvency professionals should follow the good practices under IBC : <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>IP must maintain robust documentation for every decision. IP Ensure timely filings with IBBI, IPA, and NCLT. IP must Adopt transparency in fees and expenses. IP should keep regular disclosures updated on the IBBI portal. IP Strengthen stakeholder communication with proper records. IP Invest in continuous learning (case laws, amendments, circulars). They must use digital tools for record keeping, claim verification, and reporting.<\/p>\n<table style=\"height: 2407px;\" width=\"696\">\n<tbody>\n<tr>\n<td width=\"41\"><strong>S.NO. <\/strong><\/td>\n<td width=\"69\"><strong>Stage<\/strong><\/td>\n<td width=\"182\"><strong>Compliance Requirement<\/strong><\/td>\n<td width=\"182\"><strong>Timeline \/ Frequency<\/strong><\/td>\n<td width=\"165\"><strong>Disclosure \/ Reporting<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"41\">1<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">Public Announcement<\/td>\n<td width=\"182\">Within 3 days of IP appointment<\/td>\n<td width=\"165\">To public &amp; IBBI in Form A<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">2<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">Submission of CIRP Form-1<\/td>\n<td width=\"182\">Within 7 days of commencement of CIRP<\/td>\n<td width=\"165\">To IBBI<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">3<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">Constitution of CoC<\/td>\n<td width=\"182\">Within 30 days of commencement of CIRP<\/td>\n<td width=\"165\">To NCLT &amp; IBBI (CIRP Form-2)<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">4<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">First CoC meeting<\/td>\n<td width=\"182\">Within 7 days of CoC constitution<\/td>\n<td width=\"165\">To CoC members<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">5<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">Filing of progress report with NCLT<\/td>\n<td width=\"182\">Every 30 days (till completion)<\/td>\n<td width=\"165\">To NCLT<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">6<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">Preparation of Information Memorandum<\/td>\n<td width=\"182\">Within 54 days of commencement<\/td>\n<td width=\"165\">To CoC, updated regularly<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">7<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">Appointment of Registered Valuers<\/td>\n<td width=\"182\">Within 7 days of appointment<\/td>\n<td width=\"165\">To CoC, IBBI<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">8<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">Filing of avoidance transaction applications<\/td>\n<td width=\"182\">Immediately upon detection, before plan approval<\/td>\n<td width=\"165\">To NCLT<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">9<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">Submission of CIRP Form-6 (monthly)<\/td>\n<td width=\"182\">By 10th of following month<\/td>\n<td width=\"165\">To IBBI<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">10<\/td>\n<td width=\"69\">CIRP<\/td>\n<td width=\"182\">Final report \/ resolution plan to NCLT<\/td>\n<td width=\"182\">Before 180\/330 days as applicable<\/td>\n<td width=\"165\">To NCLT &amp; IBBI<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">S.NO.<\/td>\n<td width=\"69\"><strong>Stage<\/strong><\/td>\n<td width=\"182\"><strong>Compliance Requirement<\/strong><\/td>\n<td width=\"182\"><strong>Timeline \/ Frequency<\/strong><\/td>\n<td width=\"165\"><strong>Disclosure \/ Reporting<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"41\">1<\/td>\n<td width=\"69\">Liquidation<\/td>\n<td width=\"182\">Public Announcement of Liquidation<\/td>\n<td width=\"182\">Within 5 days of order of liquidation<\/td>\n<td width=\"165\">To public, IBBI &amp; ROC<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">2<\/td>\n<td width=\"69\">Liquidation<\/td>\n<td width=\"182\">Opening of liquidation bank account<\/td>\n<td width=\"182\">Immediately after order<\/td>\n<td width=\"165\">Maintain separate liquidation account<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">3<\/td>\n<td width=\"69\">Liquidation<\/td>\n<td width=\"182\">Submission of Preliminary Report<\/td>\n<td width=\"182\">Within 75 days of commencement<\/td>\n<td width=\"165\">To NCLT &amp; IBBI<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">4<\/td>\n<td width=\"69\">Liquidation<\/td>\n<td width=\"182\">Asset Memorandum preparation<\/td>\n<td width=\"182\">Within 75 days of commencement<\/td>\n<td width=\"165\">To NCLT &amp; IBBI<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">5<\/td>\n<td width=\"69\">Liquidation<\/td>\n<td width=\"182\">Valuation of assets by two valuers<\/td>\n<td width=\"182\">Within 30 days of commencement<\/td>\n<td width=\"165\">To NCLT &amp; IBBI<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">6<\/td>\n<td width=\"69\">Liquidation<\/td>\n<td width=\"182\">Progress Reports (quarterly to NCLT\/IBBI)<\/td>\n<td width=\"182\">Every quarter<\/td>\n<td width=\"165\">To NCLT &amp; IBBI<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">7<\/td>\n<td width=\"69\">Liquidation<\/td>\n<td width=\"182\">Stakeholder consultation committee meetings<\/td>\n<td width=\"182\">As per regulation (quarterly\/half-yearly)<\/td>\n<td width=\"165\">To Stakeholder Committee<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">8<\/td>\n<td width=\"69\">Liquidation<\/td>\n<td width=\"182\">Final Report on dissolution<\/td>\n<td width=\"182\">At completion of liquidation<\/td>\n<td width=\"165\">To NCLT &amp; IBBI<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">S.NO.<\/td>\n<td width=\"69\"><strong>Stage<\/strong><\/td>\n<td width=\"182\"><strong>Compliance Requirement<\/strong><\/td>\n<td width=\"182\"><strong>Timeline \/ Frequency<\/strong><\/td>\n<td width=\"165\"><strong>Disclosure \/ Reporting<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"41\">1<\/td>\n<td width=\"69\">Voluntary Liquidation<\/td>\n<td width=\"182\">Declaration of solvency by directors<\/td>\n<td width=\"182\">Before passing resolution<\/td>\n<td width=\"165\">By company directors to ROC &amp; Liquidator<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">2<\/td>\n<td width=\"69\">Voluntary Liquidation<\/td>\n<td width=\"182\">Special Resolution by members<\/td>\n<td width=\"182\">Within 4 weeks of declaration<\/td>\n<td width=\"165\">To ROC &amp; members<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">3<\/td>\n<td width=\"69\">Voluntary Liquidation<\/td>\n<td width=\"182\">Appointment of Liquidator &amp; public announcement<\/td>\n<td width=\"182\">Immediately on initiation<\/td>\n<td width=\"165\">Public announcement by liquidator<\/td>\n<\/tr>\n<tr>\n<td width=\"41\">4<\/td>\n<td width=\"69\">Voluntary Liquidation<\/td>\n<td width=\"182\">Final Report to NCLT\/IBBI for dissolution<\/td>\n<td width=\"182\">At completion of process<\/td>\n<td width=\"165\">To NCLT &amp; IBBI<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-start=\"235\" data-end=\"305\"><\/h3>\n<h3 data-start=\"235\" data-end=\"305\"><span class=\"ez-toc-section\" id=\"Duties_of_the_Resolution_Professional_RP_in_Relation_to_Claims\"><\/span><span style=\"color: #000080;\"><strong data-start=\"237\" data-end=\"305\">Duties of the Resolution Professional (RP) in Relation to Claims<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4 data-start=\"307\" data-end=\"337\"><span class=\"ez-toc-section\" id=\"Statutory_Provisions\"><\/span><span style=\"color: #000080;\"><strong data-start=\"310\" data-end=\"337\">Statutory Provisions<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul data-start=\"338\" data-end=\"589\">\n<li data-start=\"338\" data-end=\"435\">\n<p data-start=\"340\" data-end=\"435\">Section 15 IBC \u2192 Public announcement inviting claims within 3 days of RP\/IRP appointment.<\/p>\n<\/li>\n<li data-start=\"436\" data-end=\"503\">\n<p data-start=\"438\" data-end=\"503\">Section 18 IBC \u2192 Collect all claims submitted by creditors.<\/p>\n<\/li>\n<li data-start=\"504\" data-end=\"589\">\n<p data-start=\"506\" data-end=\"589\">Section 25 IBC \u2192 Duty to collate claims and maintain updated records for CoC.<\/p>\n<\/li>\n<\/ul>\n<h4 data-start=\"596\" data-end=\"651\"><span class=\"ez-toc-section\" id=\"Regulatory_Framework_CIRP_Regulations_2016\"><\/span><span style=\"color: #000080;\"><strong data-start=\"599\" data-end=\"651\">Regulatory Framework (CIRP Regulations, 2016)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<div class=\"_tableContainer_1rjym_1\">\n<div class=\"_tableWrapper_1rjym_13 group flex w-fit flex-col-reverse\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"652\" data-end=\"1559\">\n<thead data-start=\"652\" data-end=\"714\">\n<tr data-start=\"652\" data-end=\"714\">\n<th data-start=\"652\" data-end=\"665\" data-col-size=\"sm\">Aspect<\/th>\n<th data-start=\"665\" data-end=\"681\" data-col-size=\"sm\">Provision<\/th>\n<th data-start=\"681\" data-end=\"714\" data-col-size=\"lg\">Key Compliance \/ Timeline<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"778\" data-end=\"1559\">\n<tr data-start=\"778\" data-end=\"882\">\n<td data-start=\"778\" data-end=\"804\" data-col-size=\"sm\">Public Announcement<\/td>\n<td data-start=\"804\" data-end=\"813\" data-col-size=\"sm\">Reg. 6<\/td>\n<td data-start=\"813\" data-end=\"882\" data-col-size=\"lg\">Within 3 days of appointment; invite claims in prescribed format.<\/td>\n<\/tr>\n<tr data-start=\"883\" data-end=\"1068\">\n<td data-start=\"883\" data-end=\"906\" data-col-size=\"sm\">Forms for claims<\/td>\n<td data-start=\"906\" data-end=\"918\" data-col-size=\"sm\">Reg. 7\u201310<\/td>\n<td data-start=\"918\" data-end=\"1068\" data-col-size=\"lg\">Different forms for financial creditors (Form C), operational creditors (Form B), employees (Form D), workmen (Form E), statutory bodies (Form F).<\/td>\n<\/tr>\n<tr data-start=\"1069\" data-end=\"1173\">\n<td data-start=\"1069\" data-end=\"1096\" data-col-size=\"sm\">Submission of claims<\/td>\n<td data-start=\"1096\" data-end=\"1106\" data-col-size=\"sm\">Reg. 12<\/td>\n<td data-start=\"1106\" data-end=\"1173\" data-col-size=\"lg\">Creditors to file claims within 14 days of public announcement.<\/td>\n<\/tr>\n<tr data-start=\"1174\" data-end=\"1315\">\n<td data-start=\"1174\" data-end=\"1203\" data-col-size=\"sm\">Verification of claims<\/td>\n<td data-start=\"1203\" data-end=\"1213\" data-col-size=\"sm\">Reg. 13<\/td>\n<td data-start=\"1213\" data-end=\"1315\" data-col-size=\"lg\">RP\/IRP to verify each claim within 7 days of receipt using documents, contracts, ledgers, etc.<\/td>\n<\/tr>\n<tr data-start=\"1316\" data-end=\"1460\">\n<td data-start=\"1316\" data-end=\"1342\" data-col-size=\"sm\">Collation of claims<\/td>\n<td data-start=\"1342\" data-end=\"1358\" data-col-size=\"sm\">Reg. 13(1)(b)<\/td>\n<td data-start=\"1358\" data-end=\"1460\" data-col-size=\"lg\">Prepare list of creditors (with admitted\/rejected amounts, security interest, class of creditors).<\/td>\n<\/tr>\n<tr data-start=\"1461\" data-end=\"1559\">\n<td data-start=\"1461\" data-end=\"1486\" data-col-size=\"sm\">Updation of claims<\/td>\n<td data-start=\"1486\" data-end=\"1499\" data-col-size=\"sm\">Reg. 14(2)<\/td>\n<td data-start=\"1499\" data-end=\"1559\" data-col-size=\"lg\">Claims can be revised\/updated even after initial filing.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div tabindex=\"-1\"><\/div>\n<div tabindex=\"-1\">\n<h2><span class=\"ez-toc-section\" id=\"Compliance_Checklist_for_Resolution_Professionals\"><\/span><span style=\"color: #000080;\"><strong>Compliance Checklist for Resolution Professionals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Pre-CIRP_Appointment_Stage\"><\/span><span style=\"color: #000080;\"><strong>Pre-CIRP &amp; Appointment Stage<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\">\n<thead>\n<tr>\n<th><strong>Action<\/strong><\/th>\n<th><strong>Form\/Regulation<\/strong><\/th>\n<th><strong>Timeline<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Consent to act as IRP\/RP<\/td>\n<td>Form AB<\/td>\n<td>At proposal submission<\/td>\n<\/tr>\n<tr>\n<td>Public announcement<\/td>\n<td>Form A, Reg. 6<\/td>\n<td>Within 3 days of appointment<\/td>\n<\/tr>\n<tr>\n<td>Filing consent of AR (if applicable)<\/td>\n<td>Form AA<\/td>\n<td>Before CoC constitution<\/td>\n<\/tr>\n<tr>\n<td>Filing CP-1 (IRP stage)<\/td>\n<td>CP-1<\/td>\n<td>By 10th of next month<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"___sui5t70 f1euv43f f1dk1t8m fi2lt33 f22iagw f1vx9l62 f4xv25i fk73vx1 f18ltkaj\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Claims_Management\"><\/span><span style=\"color: #000080;\"><strong>Claims Management<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\">\n<thead>\n<tr>\n<th><strong>Action<\/strong><\/th>\n<th><strong>Form\/Regulation<\/strong><\/th>\n<th><strong>Timeline<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Receive claims from creditors<\/td>\n<td>Forms B\u2013F<\/td>\n<td>Within 14 days of announcement<\/td>\n<\/tr>\n<tr>\n<td>Verify &amp; collate claims<\/td>\n<td>Reg. 13<\/td>\n<td>Within 7 days of receipt<\/td>\n<\/tr>\n<tr>\n<td>Include unfiled statutory dues<\/td>\n<td>Reg. 14<\/td>\n<td>As per financials<\/td>\n<\/tr>\n<tr>\n<td>Update claims list<\/td>\n<td>Reg. 14(2)<\/td>\n<td>Ongoing<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"___sui5t70 f1euv43f f1dk1t8m fi2lt33 f22iagw f1vx9l62 f4xv25i fk73vx1 f18ltkaj\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Committee_of_Creditors_CoC\"><\/span><span style=\"color: #000080;\"><strong>Committee of Creditors (CoC)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\">\n<thead>\n<tr>\n<th><strong>Action<\/strong><\/th>\n<th><strong>Form\/Regulation<\/strong><\/th>\n<th><strong>Timeline<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Constitute CoC<\/td>\n<td>Reg. 17<\/td>\n<td>Within 7 days of claim deadline<\/td>\n<\/tr>\n<tr>\n<td>First CoC meeting<\/td>\n<td>Sec. 22<\/td>\n<td>Within 7 days of CoC formation<\/td>\n<\/tr>\n<tr>\n<td>Confirm RP or replace IRP<\/td>\n<td>Sec. 22<\/td>\n<td>In first CoC meeting<\/td>\n<\/tr>\n<tr>\n<td>File CP-2 (valuation, IM, RFRP)<\/td>\n<td>CP-2<\/td>\n<td>By 10th of next month<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"___sui5t70 f1euv43f f1dk1t8m fi2lt33 f22iagw f1vx9l62 f4xv25i fk73vx1 f18ltkaj\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Information_Memorandum_IM\"><\/span><span style=\"color: #000080;\"><strong>Information Memorandum (IM)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\">\n<thead>\n<tr>\n<th><strong>Action<\/strong><\/th>\n<th><strong>Regulation<\/strong><\/th>\n<th><strong>Key Inclusions<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Prepare &amp; share IM<\/td>\n<td>Reg. 36<\/td>\n<td>Assets, liabilities, financials, litigations, guarantees, related party transactions, development rights (real estate), etc.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"___sui5t70 f1euv43f f1dk1t8m fi2lt33 f22iagw f1vx9l62 f4xv25i fk73vx1 f18ltkaj\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Resolution_Plan_Process\"><\/span><span style=\"color: #000080;\"><strong>Resolution Plan Process<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\" style=\"height: 225px;\" width=\"682\">\n<thead>\n<tr>\n<th><strong>Action<\/strong><\/th>\n<th><strong>Form\/Regulation<\/strong><\/th>\n<th><strong>Timeline<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Issue Form G (EoI)<\/td>\n<td>Reg. 36A<\/td>\n<td>Within 60 days of ICD<\/td>\n<\/tr>\n<tr>\n<td>Issue RFRP<\/td>\n<td>Reg. 36B<\/td>\n<td>Within 5 days of final PRAs list<\/td>\n<\/tr>\n<tr>\n<td>Vet resolution plans<\/td>\n<td>Sec. 30(2), Reg. 39<\/td>\n<td>Before CoC vote<\/td>\n<\/tr>\n<tr>\n<td>Submit compliance certificate<\/td>\n<td>Form H<\/td>\n<td>With plan to NCLT<\/td>\n<\/tr>\n<tr>\n<td>File CP-3A (application to NCLT)<\/td>\n<td>CP-3A<\/td>\n<td>By 10th of next month<\/td>\n<\/tr>\n<tr>\n<td>File CP-3B (NCLT order)<\/td>\n<td>CP-3B<\/td>\n<td>Within 7 days of order<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"___sui5t70 f1euv43f f1dk1t8m fi2lt33 f22iagw f1vx9l62 f4xv25i fk73vx1 f18ltkaj\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Avoidance_Transactions\"><\/span><span style=\"color: #000080;\"><strong>Avoidance Transactions<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\" style=\"height: 104px;\" width=\"674\">\n<thead>\n<tr>\n<th><strong>Action<\/strong><\/th>\n<th><strong>Regulation<\/strong><\/th>\n<th><strong>Timeline<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Identify &amp; file applications<\/td>\n<td>Sec. 43\u201351, Reg. 35A<\/td>\n<td>During CIRP<\/td>\n<\/tr>\n<tr>\n<td>File CP-4<\/td>\n<td>CP-4<\/td>\n<td>By 10th of next month after filing\/order<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"___sui5t70 f1euv43f f1dk1t8m fi2lt33 f22iagw f1vx9l62 f4xv25i fk73vx1 f18ltkaj\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Monitoring_Reporting\"><\/span><span style=\"color: #000080;\"><strong>Monitoring &amp; Reporting<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\" style=\"height: 163px;\" width=\"720\">\n<thead>\n<tr>\n<th><strong>Action<\/strong><\/th>\n<th><strong>Form\/Regulation<\/strong><\/th>\n<th><strong>Timeline<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Monthly CIRP update<\/td>\n<td>CP-5<\/td>\n<td>By 10th of every month<\/td>\n<\/tr>\n<tr>\n<td>Constitute Monitoring Committee<\/td>\n<td>Reg. 38(4)<\/td>\n<td>Post-approval<\/td>\n<\/tr>\n<tr>\n<td>Submit quarterly reports<\/td>\n<td>Reg. 38<\/td>\n<td>To NCLT<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"___sui5t70 f1euv43f f1dk1t8m fi2lt33 f22iagw f1vx9l62 f4xv25i fk73vx1 f18ltkaj\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Withdrawal_Liquidation\"><\/span><span style=\"color: #000080;\"><strong>Withdrawal &amp; Liquidation<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\" style=\"height: 114px;\" width=\"698\">\n<thead>\n<tr>\n<th><strong>Action<\/strong><\/th>\n<th><strong>Form\/Regulation<\/strong><\/th>\n<th><strong>Timeline<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Application for withdrawal<\/td>\n<td>Form I<\/td>\n<td>Before CoC approval<\/td>\n<\/tr>\n<tr>\n<td>File for liquidation<\/td>\n<td>Sec. 33<\/td>\n<td>If no plan approved<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"___sui5t70 f1euv43f f1dk1t8m fi2lt33 f22iagw f1vx9l62 f4xv25i fk73vx1 f18ltkaj\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"_Ethical_Legal_Compliance\"><\/span><span style=\"color: #000080;\">\u00a0<strong>Ethical &amp; Legal Compliance<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\" style=\"height: 245px;\" width=\"704\">\n<thead>\n<tr>\n<th><strong>Requirement<\/strong><\/th>\n<th><strong>Regulation\/Case Law<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Avoid conflict of interest<\/td>\n<td>Reg. 3<\/td>\n<\/tr>\n<tr>\n<td>Maintain confidentiality<\/td>\n<td>Sec. 29(2)<\/td>\n<\/tr>\n<tr>\n<td>Comply with Code of Conduct<\/td>\n<td>IBBI IP Regulations<\/td>\n<\/tr>\n<tr>\n<td>Treat as public servant<\/td>\n<td>PC Act (Jharkhand HC ruling)<\/td>\n<\/tr>\n<tr>\n<td>Include statutory liabilities<\/td>\n<td>Rainbow Papers case<\/td>\n<\/tr>\n<tr>\n<td>Avoid inclusion of third-party assets<\/td>\n<td>Deepak Kulkarni &amp; HDFC Bank rulings<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class=\"_tableContainer_1rjym_1\">\n<h3 class=\"_tableWrapper_1rjym_13 group flex w-fit flex-col-reverse\" tabindex=\"-1\"><span class=\"ez-toc-section\" id=\"Judicial_Position_Principles\"><\/span><strong style=\"color: #000080;\" data-start=\"1569\" data-end=\"1606\">Judicial Position &amp; Principles<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/div>\n<ul data-start=\"1607\" data-end=\"2123\">\n<li data-start=\"1607\" data-end=\"1751\">\n<p data-start=\"1609\" data-end=\"1751\">RP\u2019s role is <em data-start=\"1624\" data-end=\"1658\">administrative, not adjudicatory<\/em> \u2013 RP cannot decide legal disputes about claims but must verify documents with diligence. Courts (NCLT\/NCLAT\/SC) emphasize:<\/p>\n<ul data-start=\"1792\" data-end=\"2123\">\n<li data-start=\"1792\" data-end=\"1852\">\n<p data-start=\"1794\" data-end=\"1852\">Transparency\u00a0 ensure fair opportunity to creditors.<\/p>\n<\/li>\n<li data-start=\"1855\" data-end=\"1922\">\n<p data-start=\"1857\" data-end=\"1922\">Impartiality \u00a0avoid bias while verifying\/rejecting claims.<\/p>\n<\/li>\n<li data-start=\"1925\" data-end=\"2005\">\n<p data-start=\"1927\" data-end=\"2005\">Timeliness non-adherence to claim timelines jeopardizes CIRP schedule.<\/p>\n<\/li>\n<li data-start=\"2008\" data-end=\"2123\">\n<p data-start=\"2010\" data-end=\"2123\">Objective approach\u00a0rely on authentic evidence; disputed claims may be referred to adjudicating authority.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Updated_CIRP_Compliance_Tracker_2025\"><\/span><span style=\"color: #000080;\"><strong>Updated CIRP Compliance Tracker (2025) <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Forms CP-1 to CP-5\u00a0replace older forms.<\/li>\n<li>Monthly reporting cycle introduced.<\/li>\n<li>Transition provisions for ongoing and closed CIRPs.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Common Issues on Monitoring &amp; Peer Review for Insolvency Professionals (IPs) Monitoring and peer review are key tools adopted by the Insolvency and Bankruptcy Board of India and Insolvency Professional Agencies to ensure compliance, transparency, and professional conduct by Insolvency Professionals. Common issues observed in Monitoring &amp; Peer Review of Insolvency Professionals are identified Based &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8788],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/29825"}],"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=29825"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/29825\/revisions"}],"predecessor-version":[{"id":29834,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/29825\/revisions\/29834"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=29825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=29825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=29825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}