Retention of records relating to Corporate Insolvency Resolution Process

Record retention obligations require insolvency professionals to preserve and produce CIRP records, maintaining secure electronic and physical archives.

The circular mandates that insolvency professionals preserve CIRP records in electronic form for an extended statutory period from completion of the CIRP or conclusion of related proceedings, and retain physical copies for a shorter statutory period; records must be stored securely, produced on demand, and preserved for the specific period of the CIRP handled by the IP. It lists categories of records to be maintained, including appointment, handover, admission, public announcement, CoC records, claims and verification, professional engagements and reports, information memorandum, official filings and orders, resolution plan processes, statutory filings, correspondence, process costs, and avoidance transaction records.