In a significant regulatory move, 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, introducing a structured framework for the electronic filing of key forms during the Corporate Insolvency Resolution Process (CIRP). The new norms, published in the Gazette of India on May 19, 2025, will come into effect on June 1, 2025.
The amendment replaces the earlier Regulation 40B of the 2016 regulations and introduces a comprehensive schedule for filing forms CP-1 through CP-5, delineating clear deadlines and responsibilities for interim resolution professionals (IRPs) and resolution professionals (RPs).
What’s New in the Regulations?
Under the revised Regulation 40B, the IBBI has established a more disciplined and transparent regime for submission of critical documents during various stages of the CIRP. The highlights include:
Mandatory Electronic Filing of Forms
All CIRP-related forms must now be filed via an electronic platform provided by the IBBI, covering aspects such as:
- CP-1: Details from CIRP commencement to Committee of Creditors (CoC) constitution.
- CP-2: Activities from CoC formation till Request for Resolution Plan (RFRP) issuance.
- CP-3A: Filing of resolution plan, liquidation, or closure with the Adjudicating Authority (AA).
- CP-3B: Approval details by AA of resolution, liquidation, or closure orders.
- CP-4: Details of avoidance transactions like preferential, undervalued, or fraudulent deals.
- CP-5: Monthly progress reports of CIRP, including meetings, litigation, and financials.
Each form must be filed within specific timelines, typically by the 10th day of the following month, or within 7 days in certain cases.
Late Filing Penalty and Compliance Accountability
To ensure strict adherence:
- A late fee of ₹500 per form per calendar month will be levied for delayed submissions, effective from a date to be notified separately.
- IRPs and RPs are required to verify the accuracy and completeness of the submitted forms and enclosures.
- Failure to file, filing incorrect or incomplete data, or any undue delay may result in regulatory action, including refusal to issue or renew Authorisation for Assignment under the Code.
Notification Details
Notification No. IBBI/2025-26/GN/REG126
Date: 19/05/2025
