IBBI prescribes timelines for the interim resolution professional or resolution professional to file the various e-Forms
The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025 has been notified which shall come into force on 1st June, 2025.
In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for regulation 40B related to filing of forms, the following regulation shall be substituted, namely:
Regulation 40B. Filing of Forms.
(1) The interim resolution professional or resolution professional, as the case may be, shall file the Forms, along with the enclosures thereto, on an electronic platform of the Board, as per the timelines stipulated against each form, in the table below:-
| Form/by whom to be filed | Period covered and Scope | Timeline |
| CP-1 / IRP | 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. | On or before the 10th day of the subsequent month, after filing the report on constitution of CoC to AA |
| CP-2 / RP | 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. | On or before the 10th day of the subsequent month, after issuance of RFRP |
| CP-3A / RP | 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 | On or before the 10th day of the subsequent month, after filing application with AA |
| CP-3B / RP | 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 | Within 7 days of disposal of application by AA |
| CP-4 / RP | 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 | 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 / IRP/RP | 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. | On or before the 10th of every month for the preceding month |
(2) The Board shall make available the Forms referred in sub-regulation (1) on the electronic platform and may modify them from time to time.
(3) The interim resolution professional or resolution professional, as the case may be, shall ensure that the Forms and its enclosures filed under this regulation are accurate and complete.
(4) The filing of a Form under this regulation after the due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay from a date to be notified through circular by the Board in this regard.
(5) The interim resolution professional or resolution professional, as the case may be, shall be liable to any action which the Board may take as deemed fit under the Code or any regulation made thereunder, including refusal to issue or renew Authorisation for Assignment for:
(i) failure to file a Form along with requisite information and records;
(ii) inaccurate or incomplete information or records filed in or along with a Form;
(iii) delay in filing the Form.”
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