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, through a Gazette notification dated 19th May 2025.
These amendments, which come into effect from June 1, 2025, huge reform in the compliance framework for the Corporate Insolvency Resolution Process (CIRP) by mandating the structured and digital filing of specified forms on the IBBI’s electronic platform.
The primary aim of this amendment is to improve transparency, consistency, and timeliness in reporting key developments during the CIRP. It holds Insolvency Professionals (IPs) accountable for the accurate and timely submission of information and enables the IBBI to monitor and assess the resolution process more effectively.
The amendment substitutes the existing Regulation 40B with a detailed provision that prescribes the filing of six specific forms by the Interim Resolution Professional (IRP) or the Resolution Professional (RP) at different stages of the CIRP.
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| Form | Coverage Period & Details | To be Filed by | Deadline |
| CP-1 | From the start of CIRP to the constitution of the Committee of Creditors (CoC). Includes details such as IRP appointment, public announcement, claim verification, CoC formation, etc. | IRP | 10th of the following month after filing the CoC constitution report with AA |
| CP-2 | From CoC constitution to the issue of Request for Resolution Plan (RFRP). Covers RP details, valuation, Information Memorandum (IM), Expression of Interest (EoI), RFRP, etc. | RP | 10th of the following month after issuance of RFRP |
| CP-3A | Filing of resolution plan/liquidation/closure application with Adjudicating Authority (AA). | RP | 10th of the following month after such filing with AA |
| CP-3B | Approval of the resolution plan/liquidation/closure by the AA. | RP | Within 7 days of disposal by AA |
| CP-4 | Reporting of avoidance transactions (preferential, undervalued, fraudulent, etc.) to the AA. | RP | 10th of the month following the filing/disposal by AA |
| CP-5 | Monthly report on CIRP progress, including CoC meetings, expenses, litigation, and reasons for delay. | IRP / RP | 10th day of every month for the preceding month |
All forms are to be filed only through the electronic platform provided by the IBBI. The Board will provide access to these forms and reserves the right to update them periodically.
The IRP/RP must ensure all forms and accompanying documents are complete and accurate. Inaccurate or incomplete submissions will be treated as non-compliance.
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A late fee of Rs. 500 per form per calendar month will be imposed for any delay in filing, effective from a date to be notified separately by the Board.
This amendment provides a structured, trackable method for reporting the status and progress of CIRP, thereby improving regulatory oversight and aiding efficient resolution of stressed assets. For creditors, adjudicating authorities, and market participants, this digital regime enhances transparency and ensures more accountable resolution timelines.
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