Retention of records relating to Corporate Insolvency Resolution Process

Last updated: 05 January 2021

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The Insolvency and Bankruptcy Board of India (IBBI) has issued new directives regarding the retention of records for the Corporate Insolvency Resolution Process (CIRP). Insolvency Professionals (IPs) must now preserve electronic records for a minimum of eight years from the CIRP completion or conclusion of related proceedings. Physical records require a minimum three-year retention, while electronic copies must be kept for eight years. These records must be stored securely, and IPs are obligated to produce them when required by the Board or relevant authorities.

Insolvency and Bankruptcy Board of India 7thFloor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No.: IBBI/CIRP/37/2021 04thJanuary, 2021 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional A

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FAQ :

Electronic records generated in relation to a CIRP must be preserved for a minimum period of eight years from the date of completion of the CIRP or the conclusion of any related proceedings.

For records other than those generated in electronic form, Insolvency Professionals (IPs) must maintain physical copies for a minimum period of three years from the date of completion of the CIRP or related proceedings.

IPs must preserve records at a secure place, ensuring that unauthorised persons do not have access. Storing electronic copies with an Information Utility is an example of a secure method.

Yes, an IP must preserve records relating to the period of a CIRP that they handled, regardless of whether they continued the assignment until its conclusion.

IPs must preserve records including, but not limited to, appointment details, handovers, public announcements, CoC meetings, claims, engagement of professionals, information memorandum, filings with authorities, resolution plans, and correspondence during the CIRP.

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Notification No : IBBI/CIRP/37/2021
Published in Corporate Law
Source : https://www.ibbi.gov.in/uploads/legalframwork/5bb3be107809847f06cf2059f54ff3c8.pdf

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