Notification/Circular No. – IBBI/2025-26/GN/REG1265 dated May 19, 2025
Applicable Act/Rule –Insolvency and Bankruptcy Code, 2016
Applicable Section/Rule – Regulation 40B
Effective Date- June 1, 2025
Insolvency and Bankruptcy Board of India (IBBI) has revised Regulation 40B to standardise and enforce timely e-filing of information during Corporate Insolvency Resolution Processes (CIRP).
The amended Regulation 40B requires interim resolution professionals (IRPs) and resolution professionals (RPs) to submit specific forms electronically on the IBBI portal, strictly adhering to defined timelines.
The regulation outlines key forms covering various stages of the CIRP:
Form | Period Covered and Scope | To be Filed By | Timeline |
CP-1 | From commencement of CIRP till constitution of CoC: This includes details of IRP, CD, and the Applicant; admission of application by AA (Adjudicating Authority); public announcement; details of Authorised Representatives; taking over management of the CD; receipt and verification of claims; and constitution of CoC. | IRP | On or before the 10th day of the subsequent month, after filing the report on constitution of CoC to AA |
CP-2 | From constitution of CoC till issuance of RFRP: This includes details of RP, details of registered valuers, details provided in the information memorandum (IM), expression of interest, RFRP and any modifications thereto. | RP | On or before the 10th day of the subsequent month, after issuance of RFRP |
CP-3A | Details of resolution plan / liquidation / closure application filed with AA: This includes details of resolution applicants, approval or rejection of resolution plans by CoC, application filed with AA for resolution plan approval, and (if applicable) details regarding initiation of liquidation. | RP | On or before the 10th day of the subsequent month, after filing the application with AA |
CP-3B | Approval of resolution plan/liquidation/closure by AA: This includes details of the resolution plan approved by AA or the liquidation/closure order. | RP | Within 7 days of disposal of the application by AA |
CP-4 | Avoidance transactions reported to AA: This includes details of avoidance transactions (preferential, undervalued, extortionate, fraudulent), underlying amounts, the date of reporting, and any order by AA on the application. | RP | On or before the 10th day of the subsequent month, after filing of application(s) with AA or disposal of application(s) by AA |
CP-5 | Monthly: This includes updates on the status of CIRP, details of CoC meetings held, updates on litigations, details of expenses incurred, and reasons for delay (if any). | IRP/RP | On or before the 10th of every month for the preceding month |
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