Insolvency framework amended to simplify compliance
insolvency resolution process
(
CIRP
) to ease compliance burden without undermining effective oversight, according to a circular.
Under the revised reporting framework, the existing nine forms will be compressed into five by removing duplication, streamlining data requirements and leveraging technology for auto-population of information, the Insolvency and Bankruptcy Board of India (
IBBI
) said in the circular dated May 26.
The regulator has introduced a standardised monthly reporting cycle, replacing the current system of multiple event-based due dates during the month, it said.
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The changes have been incorporated by amending the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Filings on debt resolution proceedings have to be made on or before the tenth day of the subsequent month, except where the resolution plan or liquidation has been cleared by the tribunal, which has to be reported within seven days.
The new forms, the regulator said, will be made available on its website from June 1. No penalty will be imposed for delayed filing of forms during the September quarter. The idea is to give some time to insolvency professionals to get acquainted with the new forms and to address any technical issues, it said.
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The forms have to be filed on an electronic platform that will be hosted on the regulator's website.
The IBBI has been taking steps to expedite the resolution process and reduce compliance requirements.
India Ratings said in a report that the procedural changes introduced this year "aim to improve stakeholder representation, simplify compliance, and enhance transparency in the resolution process".
The latest data released by the regulator showed that resolutions outpaced liquidations in 2024-25. The March quarter saw the highest resolution-to-liquidation ratio since the insolvency law's inception in 2016,
ICRA
said in a report.
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