Submission of forms under IBC for Monitoring the process of CIRP

The Insolvency and Bankruptcy Code (“IBC”) casts obligations on insolvency professionals (“IP”) to forward/submit the information and records to the Insolvency and Bankruptcy Board of India (“IBBI”). These forms are required to be submitted for the purpose of monitoring corporate insolvency resolution processes (CIRP) and performance of insolvency professionals under the Insolvency and Bankruptcy Code, 2016

In order to facilitate submission of records and information by IPs to the IBBI as well as for monitoring of the processes and performance of IPs, a set of forms as tabled below were devised in consultation with stakeholders and the Insolvency Professional Agency (“IPA”), in pursuance of the mandate and in synchronisation with the provisions in the Code.

Form No.	Period Covered	To be Filed by	Timeline
IP 1	Pre-Assignment This includes consent to accept assignment of an IP as IRP / RP / Liquidator / Bankruptcy Trustee	IP	Within 3 days of the relevant date.
CIRP 1	From Commencement of CIRP till Issue of Public Announcement	IRP	Within 7 days of making Public Announcement under section 13
CIRP 2	From Public Announcement till replacement of IRP	IRP	Within 7 days of replacement of IRP.
CIRP 3	From Appointment of RP till issue of Information Memorandum (IM) to Members of COC	RP	Within 7 days of issue of IM to members of COC.
CIRP 4	From Issue of IM till issue of Request for Resolution Plans (RFRP)	RP	Within 7 days of the issue of RFRP.
CIRP 5	From Issue of RFRP till completion of CIRP initiation of liquidation: Reason for liquidation of the CD (No value in the assets/ company was a shell company/Non receipt of resolution plan/Rejection of resolution plan by COC/ Rejection of resolution plan by AA/others	RP	Within 7 days of the approval or rejection of the resolution plan or issue of order for liquidation, as the case may be, by the AA.
CIRP 6	Event Specific Request for liquidation before completion of CIRP	IRP or RP, as the case may be	Within 7 days of the occurrence of event

The above mentioned forms are required to be filed by IPS’ on an electronic platform which will be open from 16 September, 2019.

IP shall file electronically:-

a.     the Forms along with relevant information and records, which have become due on or before 15 September, 2019 in respect of all CIRPs which are closed and on going, conducted by him and shall be submitted on or before 30 September, 2019; and

b.    the Forms shall become due on or after 16 September, 2019 in respect of CIRPs conducted by him,

Responsibility of IP: IP is solely responsible for filling of the forms and shall be liable to action permissible under IBC for failure to file a form with complete information or filing the form with inaccurate and incomplete information.