Requirement for proposed resolution professionals to submit Part IV particulars and declaration enables AA to verify disciplinary status before appointment.
Where a creditor files an application recommending an insolvency professional, the proposed professional must provide the particulars and declaration in Part IV of Form C to the creditor for the Adjudicating Authority's consideration; when applications are filed through a resolution professional those particulars and declaration are furnished by that professional and the Adjudicating Authority verifies there is no disciplinary proceeding pending against the proposed professional from the IBBI database before appointment.

Liquidator fee calculation clarified; IPs must compute fees net of liquidation and CIRP costs and report adjustments.
Clarification defines Amount realised as proceeds from sale of non-liquid assets, excludes cash and readily liquid securities from realisation; specifies "other liquidation cost" as all priority liquidation costs under section 53(1)(a) except the liquidator's fee; defines "Amount distributed to stakeholders" as distributions net of CIRP and liquidation costs; requires cumulative realisations/distributions to be apportioned across prescribed slabs and then by time periods to apply slab-specific percentage rates; permits exclusion of periods for fee calculation only when expressly ordered by a court; mandates IPs to rectify, report, and return any excess fee.

CIRP form filing extended to insolvency professional entities with authorised-IP submission; temporary fee waiver then standard fees apply.
The IBBI has extended the electronic CIRP form submission facility to insolvency professional entities acting as insolvency professionals, enabling IPEs to enroll on the IBBI portal, receive unique credentials, and authorise an individual IP to upload and submit CIRP Forms and records through that authorised IP's individual credentials. A temporary fee waiver applies for filings within the waiver period; thereafter fees will be payable as per Regulation 40B, and the provisions of the prior CIRP circulars apply to these assignments.

Record of default requirement: creditors must obtain and attach Information Utility certification before filing insolvency petitions.
Creditors initiating corporate insolvency must submit the information of default to the Information Utility, which will process it and issue the record of default required to be appended to insolvency applications; the Circular and NCLT order urge prompt production of the Information Utility certificate to enable effective hearing.

Service of insolvency applications: online submission with revised format and acknowledgement required before filing with adjudicating authority.
Applicants initiating corporate insolvency resolution must serve a copy of the application to the Board via the Board's online facility before filing with the Adjudicating Authority; on submission the applicant receives an acknowledgment ID. The Board will forward received applications to the Information Utility, which will notify other creditors, require filing of information of default as per IU Regulations, and process defaults for issuance of Record of Default. A revised submission format and step by step guide are provided and the circular supersedes the earlier online intimation circular.