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<h1>Simplified CIRP Forms Reduce Compliance Burden, Enhance Monitoring Efficiency for Insolvency Professionals</h1> The Insolvency and Bankruptcy Board of India has introduced a simplified and streamlined forms framework for monitoring Corporate Insolvency Resolution Process (CIRP). The existing nine forms are consolidated into five new forms (CP-1 to CP-5), reducing compliance burden while maintaining effective oversight. The new framework introduces a standardized monthly reporting cycle, with forms to be filed electronically by insolvency professionals within specified timelines for different stages of the insolvency process.