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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 CI
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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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Notification No : IBBI/CIRP/41/2021Published in Corporate Law
Source : https://www.ibbi.gov.in/uploads/legalframwork/a763e90e0d3702df78bd15e5947c44fb.pdf