i. Reducing the amount of information and data that Insolvency Professionals (IPs) currently need to submit, with an special emphasis on removing duplication, making the reporting process simpler and more efficient. ii. Adjusting compliance deadlines to reduce the pressure caused by numerous and frequently overlapping submission dates, allowing IPs to manage their resources more effectively. iii. Simplifying the compliance process by combining various reporting system on IPA and IBBI website into a single, centralized IBBI website, eliminating duplication, and making it easier for stakeholders to access and use.

Table Form No. Period covered and scope To be filed by Timeline (1) (2) (3) (4) IP 1 Pre-Assignment: This includes consent to accept assignment as IRP / RP, the details of IP and the Applicant, the details of the person which will undergo the process, terms of consent, terms of engagement, etc. IP Within three days of signing of Form-2 of the Insolvency and Bankruptcy (Application

to Adjudicating Authority) Rules, 2016 or Form-AA of the Regulations, as the case may be.

CIRP 1 From Commencement of CIRP till Issue of Public Announcement: This includes details of IRP, CD, and the Applicant; admission of application by AA; public announcement; details of suggested Authorised Representatives; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. IRP Within seven days of making the Public Announcement under section 13. CIRP 2 From Public Announcement till confirmation / replacement of IRP: This includes details of Authorised Representative selected by IRPs for a class of creditors; taking over management of the CD; receipt and verification of claims; constitution of CoC, first meeting of CoC; confirmation / replacement of IRP; applications seeking cooperation of management (if any); expenses incurred on or by IRP; relationship of IRP with the CD, Financial Creditors and Professionals; support services taken from IPE; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. IRP Within seven days of confirmation/ replacement of IRP under section 22. CIRP 3 From Appointment of RP till issue of IM to Members of CoC: This includes details of RP; details of registered valuers; handing over of records of CD by IRP to RP; taking over management of the CD; applications seeking co-operation of management (if any); details in IM; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. RP Within seven days of issue of IM to members of CoC under regulation 36. CIRP 4 From Issue of IM till issue of RFRP: This includes expression of interest; RFRP and modification thereof; evaluation matrix and modification thereof; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. RP Within seven days of the issue of RFRP under regulation 36B. CIRP 5 From Issue of RFRP till completion of CIRP: This includes updated list of claimants; updated CoC; details of the resolution applicants; details of resolution plans received; details of approval or rejection of resolution plans by CoC; application filed with AA for approval of resolution plan; details of RP Within seven days of the approval or rejection of the resolution plan under section 31 or issue of liquidation order under section 33, as the case may be, by the AA.

resolution plan approved by the AA; initiation of liquidation, if applicable; expenses incurred on or by RP; appointment of professionals and the terms of appointment; relationship of the RP with the CD, Financial Creditors, and Professionals; support services taken from IPE; non-compliances with the provisions of the Code and other laws applicable to the CD; etc. CIRP 6 Event Specific: This includes: a. Filing of application in respect of preferential transaction, undervalued transaction, fraudulent transaction, and extortionate transaction; b. Raising interim finance; c. Commencement of insolvency resolution process of guarantors of the CD; d. Extension of period of CIRP and exclusion of time; e. Premature closure of CIRP (appeal, settlement, withdrawal, etc.); f. Request for liquidation before completion of CIRP; and g. Non implementation of resolution plan, as approved by the AA. IRP or RP, as the case may be. Within seven days of the occurrence of the relevant event.

(1A) Where any activity stated in column (2) of table below is not complete by the date specified therein, the interim resolution professional or resolution professional, as the case may be, shall file Form CIRP 7 within three days of the said date, and continue to file Form CIRP 7, every 30 days, until the said activity remains incomplete-: Sl. Activity requiring filing of Form CIRP 7, if not completed by the specified date Timeline for filing Form CIRP 7 for the first time Timeline for
subsequent filing of Form CIRP 7 (1) (2) (3) (4) 1 Public announcement is not made by T+3rd day Date specified in column (2)

• 3 days X+30th day, X+60th day, X+90th day, and so on, till the activity is completed. 2 Appointment of RP is not made by T+30th day 3 Information memorandum is not issued within 92 days from the date of public announcement 4 RFRP is not issued within 10 days from the date of issue of information memorandum to the committee
  5 CIRP is not completed by T+180th day T = Insolvency commencement date, and X = Date of filing of Form CIRP 7 for the first time under column (3).

Provided that subsequent filing of Form CIRP 7 shall not be made until thirty days have

lapsed from the filing of an earlier Form CIRP 7.

(1B) The resolution professional shall file Form CIRP 8 intimating details of his opinion and determination under regulation 35A, on or before the one hundred and fortieth day of the insolvency commencement date: Provided that the filing of Form CIRP 8 shall not become due unless a period of thirty days has elapsed from the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021.

Form Proposed Changes IP-1 (Pre- assignment Form) Proposed to be dropped as relevant details are submitted in the assignment portal and other compliances. CIRP-1 Proposed to be merged as CP-1 A single form can be filled after constitution of CoC. CIRP-2 CIRP-3 Proposed to be merged as CP-2 A single form can be filled after issue of RFRP. CIRP-4 CIRP-5 Completely revamped and divided into two forms:
CP-3A will capture details of the application filed with AA for approval of resolution plan, liquidation or closure (including by way of withdrawal/ settlement/ others).
CP-3B will capture details of the order of AA approving the resolution plan or ordering liquidation or closure. CIRP-6 Proposed to be dropped as relevant details are captured in other forms. CIRP-7
Revamped into CP-5 into a simplified form with minimal fields to be submitted at the end of every month. It will provide status of CIRP, reasons for delay, if any, and update on meetings held during the month. CIRP-8
Revamped into CP-4 Revised to capture only the details of avoidance transactions reported to AA by the RP. The existing form capturing details at the stage of forming opinion by RP and determination by RP is proposed to be revised to capture the details of application filed to AA only.

Currently, the timelines for filing various CIRP forms are linked to different events such as the insolvency commencement date, public announcement, appointment of RP, issue of IM, issue of RFRP, etc. This leads to due dates for filing of forms falling on different

dates for an IP handling multiple CIRP assignments, making the filing process cumbersome for the IP.

To streamline the process, it is proposed to move to a monthly compliance reporting framework. IPs will be required to report the status and progress of the CIRP as on the last day of every month, by filing the applicable forms by 10th day of the following month (Except CP-3B).

The specific timelines provided in the Code and Regulations for carrying out various activities under CIRP will remain unchanged. Only the reporting of status and progress to IBBI is being aligned to a monthly cycle. 3.3 This change will enable IPs to plan their compliances in an efficient manner and submit all Forms for their cases in one go every month. IBBI will also get a consolidated monthly update on the status of all CIRPs. It will reduce the multiple filing of Forms through the month. For instance, an IP handling three CIRP cases with different insolvency commencement dates in January month would file Form CIRP-1 for all three cases by 10th February, reflecting the status as on 31st January. 3.4 The revised Forms and filing timelines aim to minimize duplicate submissions, auto-populate fields from existing data to the extent possible, seek information relevant to the stage of CIRP and streamline the compliance process. This will help reduce the time and effort required for compliance by IPs. 4. Reduced Compliance Across Multiple Platforms 4.1 In an effort to streamline and centralize compliance procedures, the proposal aims to migrate specific compliance obligations, including the disclosure of costs and relationships, from the diverse and dispersed portals managed by the IPAs to the singular platform provided at the IBBI website. This strategic consolidation not only simplifies the compliance process but also enhances accessibility and oversight, facilitating smoother regulatory operations.
5. Proposal 5.1 Accordingly, it is proposed to:

5.2 The proposed changes to the CIRP Forms and the compliance framework aim to significantly reduce the compliance burden on Insolvency Professionals while ensuring that the IBBI receives relevant and timely information for effective monitoring of the CIRP. The streamlining of Forms, auto-population of data from existing sources, and the move to a monthly reporting cycle will make the compliance process more efficient and less time-consuming for IPs.

5.3 The consolidation of various compliance requirements, such as disclosure of costs and relationships, onto the centralized IBBI platform will further simplify the process and provide a single-window interface for IPs to fulfil their reporting obligations.

FORM CP2 (To be submitted to the Board by the IP online by 10th of the month succeeding the month in which Request for Resolution Plans is issued)

Date of issue of RFRP Due date of Form (10th of the next month) Delay in submission of Form (Number of days) Reasons for delay

(to be auto populated) (to be auto populated)

A. Corporate Debtor

1. Name of the Corporate Debtor: [Auto-populated; Editable]
2. CIN/LLPIN of Corporate Debtor: [Auto-populated; Editable]
3. PAN of Corporate Debtor: [Auto-populated; Editable]

B. Appointment of registered valuers S. No. Name of Valuer

Registration number of Valuer Date of appointment

Class of assets

(Land and Building/ Plant and machinery/ Securities and Financial Assets/others)

2. Reasons for delay, if any, for appointment of valuers vis-a-vis timelines:

C. Information memorandum (IM)

1. Date of submission of IM to CoC:
2. Reasons for delay, if any, vis-a-vis timeline:
3. Audited balance sheet and latest provisional balance sheet:
   a. Date of the latest audited balance sheet:
   b. Date of the provisional balance sheet:
4. Whether CD is an MSME? (Yes/ No)
5. If yes, provide Udyam Number and date on MSME Certificate_______, ________.
6. Whether IM contains the details as per requirements of Regulation 36(2)? (Yes/ No) If no, list the details not captured in the IM.
   S. No Details not provided in IM

Reasons for not including the specified details:

D. Details of PRAs

1. Date of issue of provisional list of eligible PRAs: [Auto Populated; Editable]

2. Date of Issue of final list of PRAs: [Auto Populated; Editable]

3. List of PRAs (including joint applicants, if any) S. No. Name of PRAs Whether included in the Final list of eligible PRAs under Regulation 36A(12) (Yes/ No) Remarks/ Reasons

E. Request for Resolution Plans (RFRP)

1. Last date for submission of resolution plans:
2. Whether RFRP requires any non-refundable deposit for submission of or along with resolution plan? (Yes/No) If yes, please specify.

Attachments

1. Information Memorandum
2. Request for Resolution Plans (RFRP) including Evaluation Matrix
3. Other documents, if any, to be attached with a brief description against each document Document description Remarks

Declaration I, [Name of RP] having IP registration number [Registration no.], was appointed as an Resolution Professional vide NCLT order, dated [ mention date] in application number [ mention application number] dated [mention date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016/ is functioning as Resolution Professional under Regulation 17(3). I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom. *To be digitally signed/ e-signed by IP *IP registration number:
Date: Place:

FORM CP3A (To be submitted to the Board by the IP online by 10th of the month succeeding the month in which the application for approval of resolution plan / liquidation / process closure, is filed with the Adjudicating Authority)

Date of submission of application for approval of resolution plan /liquidation / process closure to AA Due date of Form (10th of the next month) Delay in submission of Form (Number of days) Reasons for delay

(to be auto populated) (to be auto populated)

SECTION 1

A. Corporate Debtor

1. Name of the Corporate Debtor: [auto populate; editable]
2. CIN/LLPIN of Corporate Debtor: [auto populate; editable]
3. PAN of Corporate Debtor: [Auto-populated; Editable]

B. Details of Admitted Claims (In Rupees) Type Principal Amount Other Amount (including interest, penalty) Total Admitted Claims Financial Creditors (FCs)

Operational Creditors (OCs)

Other Creditors Total

C. Dropdown:
i. Application for approval of Resolution Plan filed
ii. Application for initiation of Liquidation filed iii. Application for closure of CIRP filed (Respective ensuing Section 2 / 3 / 4 fields to open)

SECTION 2

(Application for approval of Resolution Plan filed)

A. Final Resolution Applicant(s)

1. Number of compliant resolution plans received and considered by the CoC: S. No. Category (Dropdown - Individual/ Company/ Consortium) Name of Resolution Applicants Approved (Y/N) Whether Promoter/ Related Party (Y/N) Remarks

2. Date of the meeting of CoC approving the resolution plan:

B. Members of CoC and distribution of voting share S. No Name of Creditor Voting Share (%) Voting for Resolution Plan (Assented / Dissented / Abstained)

C. Resolution plan

1. Details of stakeholders, claims, and realization, under resolution plan. (Amount in Rupees) S. No. Category of stakeholder* Number of creditor s/parties Amount claimed Amount admitted Realisable by Stakeholders Amount# Percent age 1 IRPC till date of filing of application to NCLT

2 Secured Financial Creditors (other than FC in a Class)

3 Financial Creditors in a class

4 Unsecured Financial Creditors

5 Operational Creditors

6 Government

7 Workmen

8 Employees

9 Other Debts and Dues

10 Shareholders

Total

• If there are sub-categories in a category (like real estate allottees, debenture holders etc.), please add rows for each sub-category.

Amount provided over time under the Resolution Plan and includes estimated value of non-

cash components. It is not NPV.] 3. Interests of existing shareholders under resolution plan: Sl. No Category of Share Holder No. of Shares held before CIRP No. of Shares held after the CIRP Voting Share (%) held before CIRP Voting Share (%) held after CIRP

4. Whether RA is a related party to the CD? (Y/N)
   If Yes, please add remarks____________________ D. Date of submission of Form H: Compliance Certificate ______ E. Approvals required from other regulators/ authorities, if any: S. No. Nature of Approval Name of applicable law Approving authority When to be obtained

F. The Resolution Plan is subject to any contingency (Yes/ No) If yes, please furnish details of contingencies:

G. Has any Implementing Agency/ Monitoring Committee been recommended? (Y/N)

If Yes, whether RP is part of Implementing Agency/ Monitoring Committee? (Yes/ No) a. If yes, give details about the period and fee fixed by CoC/AA b. If no, give name and contact details of the nodal individual from SRA reg. the implementation of plan:

H. Other details of resolution plan a. Infusion of Equity (Yes/No) If yes, infusion of Equity Amount: b. Bank Guarantee (Yes/No) If yes, Bank Guarantee amount c. Name of entity post resolution

SECTION 3 (In case, application for initiation of Liquidation process filed) A. Information related to decision regarding Liquidation

1. Reason for filing application for liquidation of the CD (No valuable assets / Non- receipt of resolution plan/ Rejection of resolution plan by CoC/ others):
2. Elaborate the reason chosen above:
3. Meeting date of CoC passing resolution for liquidation:
   B. Members of CoC and distribution of voting share S. No Name of Creditor Voting Share (%) Voting for Resolution Plan (Assented / Dissented / Abstained)

C. Whether the CoC has approved a plan providing for contribution under regulation 39B: (Yes/No) If yes, furnish the details below a. Estimated liquidation cost:

b. Estimated liquid assets available:

c. Contributions required to be made:

D. Whether the CoC has recommended sale as a going concern under regulation 39C - (Yes/No) If yes, furnish the details below: a. Whether recommended sale of corporate debtor as a going concern: (Yes / No)

b. Whether recommended sale of business of corporate debtor as a going concern: (Yes / No)

E. Whether the CoC has fixed, in consultation with the resolution professional, the fee payable to the liquidator during the liquidation period under regulation 39D: (Yes/No) If yes, name of the IP proposed to be Liquidator______ The details of fee payable to Liquidator:________

SECTION 4

(In case, application for closure of CIRP filed (Premature closure of CIRP 12A etc.)

1. Reason for application for closure of CIRP________

2. Date of application to AA:

3. Whether the application accompanies Performance Bank Guarantee? Yes /No If yes, provide terms of Performance Bank Guarantee____

4. Terms for withdrawal: Creditor Debt Settlement

Remarks_______________________ 5. Whether application is filed before constitution of CoC? (Y/N) If No: 6. Date of CoC approval: 7. Members of CoC and distribution of voting share S. No Name of Creditor Voting Share (%) Voting for Resolution Plan (Assented / Dissented / Abstained)

SECTION 5 (Common information to be filled in all three scenarios - A/B/C)

A. Details of Valuation (Amount in Rupees) Average Liquidation Value
Average Fair Value

B. Avoidance Transactions i. Whether the RP formed an opinion on preferential/ undervalued/ extortionate/ fraudulent transactions? (Yes/ No)
ii. If yes, date of forming opinion:
iii. Reasons for delay, if any:
iv. If not formed, Reasons: v. Whether RP has made a determination on preferential/ undervalued/ extortionate/ fraudulent transactions? (Yes/ No):
vi. If yes, date of determination: vii. Reasons for delay vis-a-vis timelines, if any viii. If not determined, Reasons: ix. Total value determined of preferential/ undervalued/ extortionate/ fraudulent transactions (Rupees): x. If application for any transaction(s) not filed with AA, reasons for the same:

C. Details of Employment i. No. of employees at the beginning of CIRP period ii. No. of employees as on the date of filing this Form iii. No. of workmen at the beginning of CIRP period iv. No. of workmen as on the date of filing this Form

D. Amount of Interim Finance, if availed: Date Amount Providers Remarks

Attachments i. Copy of the application filed for approval of Resolution Plan / liquidation / process closure. ii. Copy of the minutes of the CoC where resolution for withdrawal of application was approved by CoC iii. Form FA submitted to the resolution professional by the Applicant iv. Compliance Certificate Form H. v. Documents, if any to be attached with a brief description against each ( Like progress Reports) Document description Remarks

Declaration

I, [Name of RP] having IP registration number [Registration no.], was appointed as a Resolution Professional vide NCLT order dated [ Insert date] and Application number [ Insert application number] dated [ Date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016/ is functioning as Resolution Professional under Regulation 17(3). I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom.

*To be digitally signed/ e-signed by IP *IP registration number:
Date: Place:

FORM - CP 3B (To be submitted to the Board by the IP online within 7 days of the approval of resolution plan / liquidation / process closure) A. Date of approval of resolution plan / liquidation / process closure ___________ B. Details of approval of Resolution Plan or liquidation or closure (select one of the following): a. Resolution Plan b. Liquidation c. Process Closure d. Others Please specify

C. Resolution Plan (Fill, if selected a. above) Whether the Resolution plan as approved by CoC has been approved by AA (Y/N) If No, Please specify the changes ____________________(RP to resubmit edited CP- 3A also)

D. Details of Liquidation(Fill, if selected b. above)

1. Reason: (Select any one: (i)Approval on application of Liquidation by CoC;
   (ii) Rejection of Resolution Plan;
   (iii) Contravention of Resolution Plan;
   (iv) Others Please specify the Reason________________(RP to resubmit edited 3A also for cases Other than (i))

E. Closure /withdrawal (Fill, if selected c. above) Please specify the Reason________________(RP to resubmit edited 3A also)

CP-3A (pre-filled) to append if applicable

Attachments

1. Copy of Resolution Plan.
2. Order of AA approving the resolution plan/liquidation/closure.
3. Documents, if any to be attached with a brief description against each ( Like progress Reports) Document description Remarks

Declaration I, [Name of RP] having IP registration number [Registration no.], was appointed as an Resolution Professional vide NCLT order dated [ Insert date] and Application number [ Insert application number] dated

[ Date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016 / is functioning as Resolution Professional under Regulation 17(3).

I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom. *To be digitally signed/ e-signed by IP

IP registration number: Date: Place:

FORM CP 4 (To be submitted to the Board online by 10th of the month succeeding the month in which application is filed with AA / order is given by AA or other court)

Date of filing application of P/U/F/E transactions Due date of Form
(10th of the next month) Delay in submission of Form (number of days) Reasons for delay

(to be auto populated) (to be auto populated)

(Multiple submissions of Form to be allowed as applications may be filed on multiple dates).

A. Details of Insolvency Professional

1. Name of Resolution Professional: [Auto populated; Editable]
2. Registration Number: [Auto populated; Editable]

B. Corporate Debtor details

1. Name of Corporate Debtor: [Auto populated; Editable]
2. CIN/LLPIN of Corporate Debtor: [Auto populated; Editable]
3. PAN of Corporate Debtor: [Auto-populated; Editable]
4. Insolvency Commencement Date: [Auto populated; Editable]
5. NCLT Bench: [Auto populated; Editable]

Transaction(s) (Additional Rows to be added on each filing by RP)

1. Date of filing of application with Adjudicating Authority:
2. Filing Number:
3. Number of days taken for filing application:
4. Delay in number of days for filing the application vis-a-vis timelines, if any:
5. Total transaction value reported (Rupees):
   (Amount in Rupees) Fili ng No. Nature Parties to the transa ction Relatio nship with the CD (Relate d Party/O ther than Related party) Nature of Prefere ntial transac tion

Date of such transa ction Underl ying Amou nt

Rema rks

Preferential (Section 43, 44)

Undervalued (Section 45, 46, 47, 48, 49)

Extortionate (Section 50, 51)

Fraudulent (Section 66)

Combinations of Preferential/Undervalued/Fraud

ulent/Extortionate, if any (combination to be mentioned by IP)

Additional fields to be updated by IP when application is adjudicated upon by AA (Additional Rows to be added on each filing by RP) 6. Date when order was passed by the Adjudicating Authority, if any
Fil in g N o. Nature Parti es to the trans actio n Relat ionsh ip with the CD (Rela ted Party /Othe r than Relat ed party ) Natu re of Prefe renti al trans actio n

Date of such trans actio n Unde rlyin g Amo unt

Decision of AA (Accepted the prayer/Rej ected/Othe rs, please specify)

If acce pte d, Am oun t ord ere d to be cla wed bac k

Re mar ks

Preferential (Section 43, 44)

Undervalued (Section 45, 46, 47, 48, 49)

Extortionate (Section 50, 51)

Fraudulent (Section 66)

Combinations of Preferential/Undervalu ed/Fraudulent/Extortio nate, if any

Attachments

1. Copy of forensic audit report, if any
2. Copy of transaction audit report, if any
3. Application filed with the Adjudicating Authority.
4. Order passed by the Adjudicating Authority.
5. Order passed by other courts.
6. Documents, if any, to be attached with a brief description against each document Document description Remarks

Declaration I, [Name of RP] having IP registration number [Registration no.], was appointed as an Resolution Professional vide NCLT order, dated [ mention date] in application number [ mention application number] dated [mention date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016/ is functioning as Resolution Professional under Regulation 17(3).

I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom. *To be digitally signed/ e-signed by IP *IP registration number:
Date: Place: