IBBI proposes reducing compliance burden, simplifying forms for IPs

The Insolvency and Bankruptcy Board of India (IBBI) has proposed simplifying the forms for the corporate insolvency resolution process (CIRP) to ease compliance burdens. Following the Financial Stability and Development Council's suggestion, IBBI aims to reduce duplication and streamline procedures. \r

A new monthly reporting framework will require insolvency professionals to report the status and progress of CIRP by the 10th day of the following month. This replaces event-linked filing deadlines. IBBI also proposes eliminating redundant forms. The changes aim to minimize duplicate submissions, auto-populate fields, and streamline compliance, reducing time and effort for insolvency professionals. \r

Experts emphasize the need for automated data management to address delays in CIRP and liquidation processes, making the process more efficient.