Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025 - IBBI/2025-26/GN/REG126 - Insolvency and Bankruptcy

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 19th May, 2025 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025. No. IBBI/2025-26/GN/REG126 . In exercise of the powers conferred by clause (t) of sub- section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) , the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 , namely:- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025. (2) They shall come into force on 1st June, 2025. 2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 , for regulation 40B , the following regulation shall be substituted, namely: - 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 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. IRP/RP 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. RAVI MITAL, Chairperson [ADVT.-III/4/Exty./108/2025-26] Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 were published vide notification No. IBBI/2016- 17/GN/REG004, dated 30th November, 2016 in the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and were last amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2025 published vide notification No. IBBI/2025-26/GN/REG124, dated the 3rd April, 2025 in the Gazette of India, Extraordinary, Part III, Section 4, No. 277 on 3rd April, 2025 .