IBBI Extends Facility Of CIRP Form Submission To Insolvency Professional Entities ( IPE) Acting As IP , No Fee Applicable Till 30th September 2023
Pallavi Mishra
6 Sep 2023 9:45 AM GMT
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 01.09.2023, intimating that the facility for submitting the CIRP Forms has been extended to Insolvency Professional Entities (IPE), acting as Insolvency Professionals (IP). To facilitate submission of forms for all assignments handled by these IPEs through the facility being introduced now, CIRP...
The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a circular dated 01.09.2023, intimating that the facility for submitting the CIRP Forms has been extended to Insolvency Professional Entities (IPE), acting as Insolvency Professionals (IP).
To facilitate submission of forms for all assignments handled by these IPEs through the facility being introduced now, CIRP forms filed till 30.09.2023 shall not attract any fee as provided under regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”). Thereafter, it shall attract fee as specified in regulation 40B(4) of the CIRP Regulations.
Brief background
The Regulation 40B of the CIRP Regulations read with Circular no. IBBI/CIRP/023/2019 dated 14.08.2019, Circular no. IBBI/CIRP/41/2021 dated 18.03.2021 and Circular no. IBBI/CIRP/42/2021 dated 20.07.2021, facilitate submission of records and information by the IPs to the IBBI, for monitoring of the processes and performance of IPs on the electronic platform of the IBBI at www.ibbi.gov.in
On 28.09.2022, the IBBI amended the IBBI (Insolvency Professionals) Regulations, which allowed the IPEs to get enrolled, registered and act as IPs for conducting the insolvency processes under the Insolvency and Bankruptcy Code, 2016 (“IBC”).
Earlier the facility for submitting the Corporate Insolvency Resolution Process (“CIRP”) Forms was not available to the IPE acting as IP. Hence, these IPEs were unable to submit the relevant CIRP Forms on the website of the IBBI for the processes/assignments handled by them.
IBBI extends facility of submitting CIRP forms to IPEs acting as IPs
IBBI vide its circular dated 01.09.2023, has extended the facility for submitting the CIRP Forms to IPEs acting as IPs. These IPEs shall access the said platform with the help of a unique username and password provided by the IBBI and authorise an IP handling the process to upload/ submit the CIRP Forms. Thereafter, the authorised IP shall submit the CIRP Forms along with relevant information and records through his username and password as provided to him in capacity of individual IP.
To facilitate submission of forms for all assignments handled by these IPEs through the facility being introduced now, CIRP forms filed till 30.09.2023 shall not attract any fee as provided under regulation 40B of the CIRP Regulations. Thereafter, it shall attract fee as specified in regulation 40B(4) of the CIRP Regulations.
Reference No.: IBBI/CIRP/60/2023
