The Insolvency and Bankruptcy Board of India (IBBI) has suggested streamlining the forms that resolution professionals (RPs) submit for the corporate insolvency resolution process (CIRP).
The recommendations to reduce the burden of compliance were made by the Financial Stability and Development Council (FSDC) and were put forth in a discussion paper that was made public earlier this week. The goal of the move is to reduce redundancy and simplify the formalities that RPs must complete. For example, the IBBI has suggested that insolvency professionals report the status and progress of the CIRP as of the last day of each month by filing the necessary forms by the tenth day of the following month. This would be done under a monthly compliance reporting framework.
The deadlines for filing CIRP forms are currently associated with various events, including the date of the insolvency, the announcement to the public, the appointment of RPs, and the issuance of information memoranda. According to IBBI, this causes the filing deadlines for forms to fall on different dates for an insolvency practitioner managing several CIRP assignments, complicating the process.
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