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Streamlined Compliance in CIRP: Launch of Revised Reporting Framework and Forms by IBBI

The IBBI has introduced a simplified and consolidated reporting framework for CIRP, replacing nine existing forms with five new ones (CP-1 to CP-5), aimed at reducing compliance burden and enabling streamlined, technology-driven monthly reporting by Insolvency Professionals.
The IBBI has introduced a simplified and consolidated reporting framework for CIRP, replacing nine existing forms with five new ones (CP-1 to CP-5), aimed at reducing compliance burden and enabling streamlined, technology-driven monthly reporting by Insolvency Professionals.

Background and Objective


The Insolvency and Bankruptcy Board of India (IBBI), through Circular No. IBBI/CIRP/85/2025, dated 26th May 2025, has announced the implementation of a revised and simplified forms framework for monitoring the Corporate Insolvency Resolution Process (CIRP). This follows the notification issued on 19th May 2025, amending the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.


The principal objective of this reform is to reduce the compliance burden on Insolvency Professionals (IPs) while ensuring timely and efficient oversight by the Board. The circular replaces the existing system of multiple event-based forms and deadlines with a more structured, consolidated, and technology-enabled reporting process.


Key Highlights of the Revised Framework


1. Consolidation of Forms


  • The current nine CIRP forms (IP-1 and CIRP-1 to CIRP-8) are now consolidated into five new forms—CP-1 to CP-5.


  • This consolidation aims to eliminate redundancies, streamline data collection, and enable auto-population of information already available through the IBBI portal.


2. Monthly Reporting Cycle


  • A standardised monthly compliance cycle has been introduced in place of multiple event-specific due dates.


  • Form CP-5, which captures the status and developments in ongoing CIRPs, must now be filed monthly.


3. Scope and Timelines of New Forms

Form

Scope and Period Covered

To Be Filed By

Due Date

CP-1

From admission till the constitution of CoC

IRP

10th day of the subsequent month after the CoC report

CP-2

From the CoC constitution till the issuance of RFRP

RP

10th day of the subsequent month after RFRP

CP-3A

Details of the resolution plan/liquidation/closure filed with AA

RP

10th day of the subsequent month after filing

CP-3B

Approval of resolution/liquidation/closure by AA

RP

Within 7 days of AA’s disposal

CP-4

Avoidance transactions reported or disposed of by AA

RP

10th day of the subsequent month after filing/disposal

CP-5

Monthly update on CIRP progress

IRP/RP

10th day of every month for the preceding month


Implementation Timeline and Transition Guidelines


A. CIRPs Initiated On or After 1st June 2025


  • Must follow the revised form framework in totality as per prescribed timelines.


B. Ongoing CIRPs as on 1st June 2025


  • CP-1 and CP-2: Required only if the corresponding earlier CIRP-1 to CIRP-4 forms were not submitted.


  • CP-3A, CP-3B, and CP-4: Must be filed regardless of past submissions.


  • CP-5 (Monthly Report): First filing due by 10th July 2025, covering the month of June 2025.


C. CIRPs Concluded on or before 31st May 2025


  • Pending forms (under the old framework) must be submitted using the corresponding revised CP forms by 30th September 2025.


Technical and Operational Provisions


  • Forms must be submitted electronically through the IBBI portal (https://www.ibbi.gov.in).


  • IPs will be given secure login credentials and must use digital signatures or e-signatures for authentication.


  • An initial relaxation window (July–Sept 2025) allows submission without penalties to ensure a smooth transition.


  • FAQs and technical support will be available via the IBBI website and email: support.form@ibbi.gov.in.


Regulatory Authority


This circular has been issued under the powers conferred upon IBBI under Section 196(1)(aa) of the Insolvency and Bankruptcy Code, 2016.


Conclusion


The revised forms framework is a significant compliance reform aimed at:


  • Enhancing the ease of doing business in the insolvency ecosystem,


  • Improving the timeliness and accuracy of data reporting,


  • Leveraging technology for greater transparency,


  • Minimising duplicative efforts by Insolvency Professionals.


IPs and stakeholders are advised to familiarise themselves promptly with the new reporting requirements to ensure compliance and a smooth transition. |||


Download the Original Circular & Revised Forms


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