Format for Statement of Beneficial Ownership and notarised Affidavit required with every resolution plan under regulation 38(3A).
The circular prescribes mandatory formats: Annexure 1 for the Statement of Beneficial Ownership requiring PRA details and, for each Beneficial Owner, name, tax identifier, nationality, address, manner of ownership/control and documentary evidence; Annexure 2 for a notarised Affidavit by an authorised signatory declaring whether the PRA is eligible for the section 32A benefit with a brief factual basis. The Resolution Professional must ensure these documents form part of the plan submitted to the Committee of Creditors and filed under section 30(6).

CIRP form filing: Rs.500 per form per month applies for delayed submissions after 31 Dec 2025, excluding GST.
A portal-based Modification Utility allows Insolvency Professionals to correct submitted CIRP forms via OTP authentication; modifications made before a form's due date do not attract a fee because fee computation starts only after the last due date. For forms due on or before 31 December 2025, submissions after that date require a fee of Rs.500 per form for each calendar month of delay until submission, excluding GST.

Due diligence under Section 29A: RPs must verify applicant eligibility and present detailed compliance notes to the creditors.
The circular directs Resolution Professionals to verify compliance with Section 29A by ensuring Form G disclosures, Expression of Interest undertakings, affidavits with resolution plans, RP due diligence under Regulation 36A(8), and attachment of a Due Diligence Certificate to Form H, and to place a detailed note on Section 29A compliance before the Committee of Creditors with recorded deliberations.

Restitution of ED-attached assets: IPs must file an undertaking setting use limits, reporting, disclosures, and ED cooperation.
In cases where Enforcement Directorate attachment affects corporate debtor assets, Insolvency Professionals should apply under sections 8(7) or 8(8) of PMLA and file the prescribed Undertaking. The Undertaking bars sale or use of restituted assets to ineligible or accused parties, mandates quarterly reports to the Special Court on asset status, monetisation and distributions, requires disclosure of attached properties in Information Memoranda/auction notices, and commits the IP to cooperate with the ED, including document production (with protections for commercially sensitive materials) until approval of a resolution plan or dissolution order.

Withdrawal of Form IP-1: reporting shifted to the IBBI Assignment Module and revised CP reporting framework for insolvency processes.
The circular withdraws the requirement to submit Form IP-1 for assignments under the Insolvency and Bankruptcy Code, 2016, noting that IP-1 has been superseded by mandatory reporting through the IBBI electronic portal Assignment Module and a revised reporting framework (CP-1 to CP-5) which now governs reporting obligations of Insolvency Professionals across corporate insolvency, liquidation, voluntary liquidation and personal-guarantor processes.

CIRP reporting reform: consolidated CP-1 to CP-5 forms and mandatory monthly electronic filing with specified timelines.
The IBBI has replaced nine CIRP reporting forms with five consolidated forms CP-1 to CP-5, established a standard monthly reporting cycle, prescribed scopes and timelines for each form, mandated electronic filing via the IBBI platform with DSC/e-signature, set transitional rules for ongoing and admitted CIRPs including extended deadlines to 30 September 2025 and first CP-5 by 10 July 2025, and allowed a no-penalty period for delayed filings during July-September 2025. The circular is issued under section 196(1)(aa) of the IBC.

Mandatory use of Baanknet auction platform for liquidation auctions; bidders must submit eligibility declaration and deposit EMD electronically.
The circular mandates exclusive use of the Baanknet auction platform for liquidation auctions with notices issued on or after 1st April 2025, requires listing of unsold assets by 31st March 2025, and directs that auction notices must require bidders to submit requisite documents and a declaration of eligibility under Section 29A and deposit EMD through the platform, specifying EMD forfeiture if a bidder is ineligible; pre auction due diligence by liquidators has been dispensed and platform submissions will serve the eligibility mechanism.

Disclosure of carry forward losses mandated in Information Memorandum to aid resolution applicant assessment and plan formulation.
Insolvency Professionals must include a dedicated IM section detailing the quantum of carry forward losses available to the corporate debtor, a breakdown of those losses under the Income Tax Act, 1961, the applicable time limits for utilization, and an explicit statement where no carry forward losses exist; this requirement follows an amendment to Regulation 36 of the CIRP Regulations and is issued under section 196 of the Insolvency and Bankruptcy Code, 2016.

Intimation requirement for insolvency professionals: appointments must be recorded on the central portal and timelines imposed.
IPs must add assignments on the Board's electronic Assignment Module for specified capacities-IRP, RP, liquidator (liquidation and voluntary), RP and Bankruptcy Trustee for Personal Guarantors, and Administrator for financial service providers-using a unique username/password; after approval the IP must complete subsequent compliances like public announcements, EOIs and auction notices. New appointments require filing within three days; ongoing cases without entries by 28 February 2025; closed cases by 31 March 2025 (personal guarantor closed cases by 30 April 2025). Issued under section 196 of the Code.

Mandatory use of eBKray platform required for liquidation auctions, with exclusive listing of unsold assets and deadline compliance.
Mandates insolvency professionals to use the eBKray auction platform exclusively for conducting liquidation auctions and to complete listing of all unsold assets in ongoing liquidation cases by the specified deadline, as an operational escalation of earlier directions to streamline liquidation and improve transparency, issued under the powers conferred by the insolvency law.

Extension of filing deadline for liquidation monitoring forms grants more time but requires accurate, supported submissions.
The Board extends the final filing date for liquidation and voluntary liquidation monitoring forms in response to representations about technical difficulties and provides FAQs and a support email for assistance. Insolvency professionals must ensure submitted information is accurate, truthful and consistent with supporting documents; errors like entering zero values are prohibited. The circular is issued under section 196(1) of the Insolvency and Bankruptcy Code, 2016.