IBBI proposes compliance procedures for IPs, seeks stakeholder feedback

The IBBI has proposed amendments to CIRP forms and compliance processes, aiming to ease the burden on insolvency professionals. The changes seek to streamline reporting systems by consolidating them into a centralized IBBI website, reducing redundancy and simplifying access for stakeholders. \r

Stakeholders have been urged to submit feedback by July 1. Additionally, the proposal suggests transitioning to a monthly compliance reporting framework, enabling IPs to provide consolidated updates on ongoing CIRPs by the 10th day of the subsequent month. \r

Specific compliance obligations may also be migrated to a unified platform on the IBBI website, enhancing regulatory oversight and simplifying the overall compliance process.