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The Insolvency and Bankruptcy Board of India has directedrules for the retention of records relating to the Corporate Insolvency Resolution Process. Read the official announcement and the rules directed below: Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No.: IBBI/CIRP/37/2021 04th January, 2021 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professi
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FAQ :
The IBBI has directed new rules for the retention of records related to the Corporate Insolvency Resolution Process (CIRP).
Insolvency professionals must preserve electronic records for a minimum of eight years from the date of CIRP completion or conclusion of related proceedings.
For records other than electronic ones, insolvency professionals must maintain physical copies for a minimum of three years from the date of CIRP completion or conclusion of related proceedings.
Yes, an insolvency professional must preserve records for the period of the CIRP that they handled, even if they were replaced before the conclusion of the assignment.
Insolvency professionals must preserve records relating to their appointment, handover, admission of the corporate debtor, public announcements, CoC meetings, claims, engagement of professionals, information memorandum, filings, resolution plans, statutory filings, correspondence, CIRP costs, avoidance transactions, and any other record providing a complete account of the CIRP.
Records must be preserved at a secure place, ensuring unauthorised access is prevented. Storing electronic copies with an Information Utility is suggested as an example.
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