Reporting of status of ongoing corporate insolvency resolution processes (CIRPs) through Form CIRP 7

Last updated: 18 March 2021
Quick Summary
The Insolvency and Bankruptcy Board of India (IBBI) has introduced Form CIRP 7 to improve the monitoring of Corporate Insolvency Resolution Processes (CIRPs). This new form requires Interim Resolution Professionals (IRPs) and Resolution Professionals (RPs) to report any delays in completing activities outlined in the CIRP regulations. Form CIRP 7 must be filed within three days of the due date for completing an activity if it's delayed, and then every 30 days until the activity is finished.

Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
CIRCULAR
No.: IBBI/CIRP/41/2021

18th March, 2021


To
All Registered Insolvency Professionals
All Recognised Insolvency Professional Entities
All Registered Insolvency Professional Agencies
(By mail to registered email addresses and on website of the IBBI)


Dear Madam / Sir,


Sub: Reporting of status of ongoing corporate insolvency resolution processes (CIRPs) through Form CIRP 7

Regulation 40A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP regulations’) provides a model timeline for carrying out various activities envisaged in a corporate insolvency resolution process (CIRP).

2. Regulation 40B of the CIRP regulations require an interim resolution professional (IRP) / resolution professional (RP) to file a set of forms (CIRP 1 to CIRP 6) within seven days of completion of specific activities to enable monitoring progress of CIRP. This implies that a Form (CIRP 1 to CIRP 6) would not be filed until the related activity is not completed for whatever reason. This makes monitoring of progress difficult. Regulation 40B of CIRP regulations require filing of Form CIRP 7 within three days of due date of completion of any activity stated in column (2) of the table below is delayed, and continue to file Form CIRP 7 every 30 days, until the said activity remains incomplete.

Please refer to the attached file for details
 

FAQ :

Form CIRP 7 is a new requirement for reporting the status of ongoing Corporate Insolvency Resolution Processes (CIRPs) to the Insolvency and Bankruptcy Board of India (IBBI).

Interim Resolution Professionals (IRPs) and Resolution Professionals (RPs) are required to file Form CIRP 7.

Form CIRP 7 must be filed within three days of the due date if any activity in the CIRP is delayed. It then needs to be filed every 30 days until the activity is completed.

It has been introduced to address difficulties in monitoring the progress of CIRPs, as previous forms (CIRP 1 to 6) were only filed upon completion of activities.

Form CIRP 7 is mandated by Regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

 
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