Launch of revised forms for Corporate Insolvency Resolution
Launch of Revised Forms for Corporate Insolvency Resolution Process (CIRP).
- The Insolvency and Bankruptcy Board of India, through notification dated 19th May, 2025, has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to introduce a simplified and streamlined forms framework for monitoring Corporate Insolvency Resolution Process (CIRP). This reform represents a significant step towards reducing the compliance burden on Insolvency Professionals (IPs) while maintaining effective oversight of the insolvency resolution process.
- Under the revised framework, the existing nine forms (consisting of Form IP-1 and CIRP Forms 1 to 8) are being consolidated into five forms (CP-1 to CP-5). This consolidation has been achieved by removing duplications, streamlining data requirements, and leveraging technology for auto-population of information already available on portal.
- The new framework introduces a standardized monthly reporting cycle, replacing the current system of multiple event-based due dates during the month. These changes are expected to significantly reduce the time and effort required for compliance by the insolvency professionals while ensuring that the Board receives all essential information on timely basis.
- The new forms framework, comprises the following forms:
| Form | Period covered and scope | To be filed by | Timeline |
| (1) | (2) | (3) | (4) |
| 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; constitution of CoC etc. | 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 issue of RFRP: This includes details of RP; details of registered valuers; details in IM; expression of interest; RFRP and modification thereof; etc. | 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 the resolution applicants; details of approval or rejection of resolution plans by CoC; details of application filed with AA for approval of resolution plan; details of initiation of liquidation, if applicable; etc. | RP | On or before the 10th day of the subsequent month, after filing application with AA |
| CP- 3B | Approval of resolution plan / liquidation / closure by AA: This includes details of the resolution plan approved by the AA or liquidation order or closure order; etc. | RP | Within 7 days of disposal of application by AA |
| CP-4 | Avoidance transactions reported to AA: This includes details of the avoidance transactions (preferential, undervalued, extortionate credit, fraudulent); underlying amounts; date of reporting to AA; order of AA on the application, if any; etc. | 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; reasons for delay, if any; etc.in case of all ongoing CIRPs. | IRP/RP | On or before the 10th of every month for the preceding month. |
- An indicative template of new forms is placed as Annexure I for reference.
- The new forms will be available on IBBI’s website from 1st June, 2025, and the existing forms shall be discontinued with effect from the said date.
- In order to facilitate IPs to familiarize themselves with the new forms and resolve technical issue(s) that may arise, if any, no penalty will be levied on delayed filing of forms, if any, during the initial quarter (July-Sep, 2025).
- The set of forms developed by the Board on an electronic platform will be hosted on its website at https://www.ibbi.gov.in. The IP handling the CIRP assignment shall access the platform with a unique username and password provided by the IBBI and upload/submit the Forms, along with relevant information and records, after affixing DSC or e-signing.
- It is directed that an IP shall file the revised Forms through the electronic platform as follows:
a. For CIRPs admitted on or after 1st June, 2025:
The revised forms shall be applicable as per this circular within the timelines prescribed in column (4) of Table under S. No. 4.
b. For CIRPs that are ongoing as on 1st June, 2025:
i. The existing CIRP-1 and CIRP-2 forms have now been converged into CP 1; and existing CIRP-3 and CIRP-4 forms have now been converged into CP 2. The new CP-1 and CP-2 forms are required only if the corresponding earlier CIRP forms were not submitted. Accordingly, CP 1 and CP 2 forms are not required to be submitted in all such cases where CIRP-1, CIRP-2, CIRP-3 and CIRP-4 forms were filed earlier.
ii. CP-3A, CP-3B & CP-4 forms are required to be submitted in all ongoing CIRP cases.
iii. In case of any form as per revised framework stated in point no. (i) & (ii) above, is due for submission, on or before1st June, 2025, such forms are required to be submitted by 30st Sep, 2025.
iv. Submit the first monthly CP-5 form by 10th July, 2025 (for the period of June, 2025) and thereafter to be submitted on monthly basis till conclusion of CIRP.
c. For CIRPs closed on or before 31st May, 2025:
Where any earlier forms remain pending as of the date of this circular, IPs shall submit the corresponding Forms under the revised framework, on or before 30th September, 2025. - All subsequent filings shall be made only through the new forms by the IP who is in office as interim resolution professional or resolution professional as on the last date of the month preceding the month in which the form is due to be filed.
- In case of any clarification, may refer to the Frequently Asked Questions (FAQs) as available on www.ibbi.gov.in. Further, any technical issues or difficulties in filing may be reported to support.form@ibbi.gov.in
- This circular is issued in exercise of powers under section 196(1)(aa) of the Insolvency and Bankruptcy Code, 2016.
