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of <h1>Corporate Insolvency Pros Must File Timely Electronic Forms or Face Penalties Under Regulation 40B Compliance Rules</h1> Regulation 40B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 mandates that interim resolution professionals and resolution professionals must file specific forms on an electronic platform. These forms cover various stages of corporate insolvency resolution process, including initial proceedings, committee of creditors constitution, resolution plan details, and monthly updates. Late filing incurs a fee of five hundred rupees per form for each calendar month of delay, and professionals may face disciplinary actions for non-compliance, inaccurate filing, or delayed submissions.
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