The Insolvency and Bankruptcy Board of India (IBBI) on June 10, 2024, issued the Discussion Paper on Reducing Compliance by Review of CIRP Forms submitted by Insolvency Professionals to IBBI.
The following has been stated namely: -
• This reform initiative aims to make significant improvements by:
o 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.
o Adjusting compliance deadlines to reduce the pressure caused by numerous and frequently overlapping submission dates, allowing IPs to manage their resources more effectively.
• The proposed changes to the CIRP forms have been listed in the notification.
• Comments on the proposals discussed and CIRP Forms detailed in Annexure I may be submitted electronically by July 01, 2024. For providing comments, please follow the specified process.
