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The insolvency regulator, IBBI, has stipulated that insolvency professionals (IPs) should file a set of forms (online through electronic platform) covering the lifecycle of a corporate insolvency resolution process (CIRP).
A timeline has been stipulated for submitting various forms, including pre-assignment and other events related to a CIRP.
The recently amended Insolvency and Bankruptcy Code (IBC) requires Insolvency Professionals to submit certain information and records relating to CIRP to the IPA and IBBI (Insolvency and Bankruptcy Board of India).
The new norms require IBBI and IPA to monitor the performance of IPs, and to collect, maintain and disseminate information and records relating to the insolvency process of corporate debtors.
IBBI has amended the CIRP regulations to specify that an IP would be liable to action permissible under the IBC, including refusal to issue or renew Authorisation for Assignment, for failure to file a form or for inaccurate or delayed filing.
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