FORMS TO BE FILED WITH IBBI BY IRP/RP DURING CIRP

[DR.MARIAPPAN GOVINDARAJAN]

Chapter X of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 deals with the procedure for the preparation of resolution plan till its approval from Regulation 40A.  Regulation 40B was inserted vide Notification No. IBBI/2019-20/GN/REG02, dated 27.11.2019.  The said regulation provides for filing of various form at various stages of corporate insolvency resolution process by Interim Resolution Professional (‘IRP’ for short)/Resolution Professional (‘RP’ for short).

The said Regulation provides the forms to be filed by IRP/RP as detailed below-

1. IP – 1 – Pre-Assignment – to be filed by Insolvency Professional when he was appointed by the Adjudicating Authority.  In this form the details of IP and the Applicant, the details of the person which will undergo the process, terms of consent, terms of engagement, etc. – This form is to be filed within 3 days from the date of signing of Form 2.
2. CIRP 1 – This form is to be filed by IRP.   In this form the details of IRP, Corporate Debtor and the Applicant, admission of application by Adjudicating Authority, public announcement, details of suggested Authorised Representatives, non-compliances with the provisions of the Code and other laws applicable to the Corporate Debtor (‘CD’ for short) etc., are to be provided.  This form is to be filed within 7 days from the date of public announcement made by IRP.
3. CIRP – 2-  This form is to be filed by IRP.  In this form the activities under taken in the CIRP by IRP from the date of public announcement to replacement of IRP.  This form is to be filed within  7 days of confirmation/replacement of IRP.
4. CIRP 3 – This form is to be filed RP.  In this form are to be provided.  In this form the details RP, details of registered valuers, handing over of records of CD by IRP to RP, taking over management of the CD, applications seeking co-operation of management (if any), details in Information Memorandum (‘IM’ for short), non-compliances with the provisions of the Code and other laws applicable to the CD, etc.  This form is to be field within 7 days of the submission of IM to the members of Committee of Creditors (‘CoC’ for short).
5. CIRP – 4 – This form is to be filed by RP.  This form includes the details of activities taken from the date of issue of IM to the date of issue of ‘Request for Resolution Plan’ (‘RFAP’ for short).  This form includes  expression of interest, RFRP and modification thereof, evaluation matrix and modification thereof, non-compliances with the provisions of the Code and other laws applicable to the CD, etc.  This form is to be filed within  7 days  of the issue of RFRP.
6. CIRP – 5 – This form is to be filed by RP.  This form includes the details of activities taken from the issue of RFRP to the date of completion of CIRP.
7. CIRP – 6 – This form is to be filed by IRP/RP.  This form is to be filed on the event based.  This form is to be filed within 7 days of the occurrence of the relevant event.

The said Notification was replaced by a new Notification No. IBBI/2025-26/GN/REG 26, dated 19.05.2025 which shall come effect from 01.06.2025.  The said notification substituted the Regulation 40B by a new one. 

Under this new Regulation, the following forms are to be filed during the CIRP-

1. CP – 1 – From commencement of CIRP to constitution of CoC – This form is to be filed IRP.  This form will include the following details-

• Details of IRP, CD and the applicant;
• Admission of application by the Adjudicating Authority;
• Public announcement;
• Details of Authorised Representatives;
• Taking over the management of CD;
• Receipt and verification of claims;
• Constitution of CoC, etc.

This form is to be filed on or before the 10th day of the subsequent month, after filing the report on constitution of CoC to Adjudicating Authority.

2. CP – 2 – Fron constitution of CoC till issue of RFRP – This form is to be filed by RP.  This form will include the following details-

• The details of RP;
• details of registered valuers;
• details in IM, expression of interest, RFRP and modification thereof, etc.

This form is to be filed on or before the 10^th  day of the subsequent month, after issuance of RFRP.

3. CP – 3A – Details of Resolution Plan/liquidation/closure application filed with the Adjudicating Authority.  This form is to be field by RP. This form will include the following details-

• Details of the resolution applicants;
• Details of approval or rejection of resolution plans by CoC;
• Details of application filed with Adjudicating Authority for approval of resolution plan; details of initiation of liquidation (if applicable), etc.

This form is to be filed on or before the 10^th day of the subsequent month, after filing application with Adjudicating Authority.

4. CP – 3B – Approval of resolution plan/liquidation/closure by Adjudicating Authority.  This form is to be filed by RP.  This form includes the details of the resolution plan approved by the Adjudicating Authority or liquidation order or closure order, etc.

This form is to be filed within 7 days of disposal of application by Adjudicating Authority.

5. CP – 4 – Avoidance transactions reported to Adjudicating Authority – This form is to be filed by RP.  This form includes the 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.

This form is to be filed on or before the 10^th  day of the subsequent month, after filing of application(s) with Adjudicating Authority or disposal of application(s) by Adjudicating Authority.

6. CP – 5 – monthly form to be filed by IRP/RP – This form 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.

This form is to be filed on or before the 10^th of every month for the preceding month.

Obligations of IRP/RP

 The IRP/RP shall ensure that the Forms and its enclosures filed under this regulation are accurate and complete.

Penalty

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 Rs.500/- 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.

The IRP/RP 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-

• failure to file a Form along with requisite information and records;
•  inaccurate or incomplete information or records filed in or along with a Form;
• delay in filing the Form.