Regulation 40A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP regulations’) provides a model timeline for carrying out various activities envisaged in a corporate insolvency resolution process (CIRP).
Regulation 40B of the CIRP regulations require an interim resolution professional (IRP)/ resolution professional (RP) to file a set of forms (CIRP 1 to CIRP 6) within seven days of completion of specific activities to enable monitoring progress of CIRP. This implies that a Form (CIRP 1 to CIRP 6) would not be filed until the related activity is not completed for whatever reason. This makes monitoring of progress difficult. Regulation 40B of CIRP regulations require filing of Form CIRP 7 within three days of due date of completion of any activity, and continue to file Form CIRP 7 every 30 days, until the said activity remains incomplete.
Subsequent filing of Form CIRP 7 shall not be made until thirty days have lapsed from the filing of an earlier Form CIRP 7. Only one Form shall be filed at any time whether one or more activity is not completed by the specified date.
The Form CIRP 7 shall be available for filing three days prior to the due date. The format for Form CIRP 7 is at Annexure A.
This circular is applicable for all the processes ongoing as on the date of this circular.