Insolvency Professionals Must Electronically File CP-1 to CP-5 Forms Within Strict Timelines or Face Monthly Penalties

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Full Text of the Document

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....IBBI amends insolvency resolution regulations, introducing mandatory electronic filing of specific forms (CP-1 to CP-5) by interim resolution professionals and resolution professionals. Key modifications include: (1) precise filing timelines for each form ranging from 7 to 10 days post specified events, (2) mandatory electronic submission on IBBI platform, (3) penalty of 500 per month for delayed submissions, and (4) potential disciplinary actions for non-compliance, inaccurate filings, or missed submissions. Amendments effective 1st June, 2025, aimed at enhancing transparency and standardizing corporate insolvency resolution process documentation.....