The Insolvency and Bankruptcy Board of India (IBBI) on March 17, 2025, issued a circular regarding the disclosure of information relating to carry forward of losses in an Information Memorandum (IM).
The following has been stated: -
•The IBBI has amended Regulation 36 of the CIRP Regulations to require a dedicated section in the Information Memorandum detailing the carry forward of losses under the Income Tax Act, 1961.
•Insolvency Professionals must disclose the quantum, breakdown, and time limits for utilization, and specify if no carry-forward losses are available. This ensures potential resolution applicants can make informed decisions.
The detailed circular is given in the document below.
[Circular No. IBBI/CIRP/83/2025]
