TaxTMI 
TaxTMI 
Launch of Revised Forms for Corporate Insolvency Resolution Process (CIRP).
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.... the insolvency resolution process. 2. Under the revised framework, the existing nine forms (consisting of Form IP-1 and CIRP Forms 1 to 8) are being consolidated into five forms (CP-1 to CP-5). This consolidation has been achieved by removing duplications, streamlining data requirements, and leveraging technology for auto-population of information already available on portal. 3. The new framework introduces a standardized monthly reporting cycle, replacing the current system of multiple event-based due dates during the month. These changes are expected to significantly reduce the time and effort required for compliance by the insolvency professionals while ensuring that the Board receives all essential information on timely basis. 4. The new forms framework, comprises the following forms: Form Period covered and scope To be filed by Timeline (1) (2) (3) (4) CP-1 From commencement of CIRP till constitution of CoC: This includes details of IRP, CD, and the Applicant; admission of application by AA (Adjudicating Authority); public announcement; details of Authorised Representatives; taki....
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....filing of forms, if any, during the initial quarter (July-Sep, 2025). 8. The set of forms developed by the Board on an electronic platform will be hosted on its website at https://www.ibbi.gov.in. The IP handling the CIRP assignment shall access the platform with a unique username and password provided by the IBBI and upload/submit the Forms, along with relevant information and records, after affixing DSC or e-signing. 9. It is directed that an IP shall file the revised Forms through the electronic platform as follows: a. For CIRPs admitted on or after 1st June, 2025: • The revised forms shall be applicable as per this circular within the timelines prescribed in column (4) of Table under S. No. 4. b. For CIRPs that are ongoing as on 1st June, 2025: i. The existing CIRP-1 and CIRP-2 forms have now been converged into CP 1; and existing CIRP-3 and CIRP-4 forms have now been converged into CP 2. The new CP-1 and CP-2 forms are required only if the corresponding earlier CIRP forms were not submitted. Accordingly, CP 1 and CP 2 forms are not required to be submitted in all such cases where CIRP-1, CIRP-2, CIRP-3 and CIRP-4 forms were filed e....
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....rporate Debtor, if any: 8. Address of the corporate office of the Corporate Debtor, if any: 9. Registered email id of the Corporate Debtor: [Auto-populated] 10. Whether going concern? (Yes/No) 11. Whether any proceedings were pending against the Corporate Debtor under Sick Industrial Companies (Special Provisions) Act, 1985? (Yes/No) If yes, date of admission under BIFR: 12. Whether any proceedings for winding up initiated under the Companies Act, 1956 or 2013? (Yes/No) If yes, a. Section under which it was initiated: b. Bench/Court: c. Date of transfer to Adjudicating Authority (AA): B. Insolvency Professional 1. Process Email Id: C. Admission of application by AA 1. Application filed under Section: (Dropdown - 7/9/10) 2. CP (Company Petition) No.: 3. Date of filing to AA: 4. Bench: [Auto-populated] 5. Name of the Applicant/ Petitioner: (In case of section 7 application, list of SCBs to be provided in dropdown, with "other, please specify" option) 6. Address of the Applicant/Pet....
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....and nothing material has been concealed therefrom. *To be digitally signed/ e-signed by IP *IP registration number: Date: Place: FORM - CP2 (To be submitted to the Board by the IP online by 10^th of the month succeeding the month in which Request for Resolution Plans is issued) Date of issue of RFRP Due date of Form (10^th of the next month) Delay in submission of Form (Number of days) Reasons for delay (to be auto populated) (to be auto populated) A. Corporate Debtor 1. Name of the Corporate Debtor: [Auto-populated] 2. CIN/LLPIN of Corporate Debtor: [Auto-populated] B. Appointment of registered valuers 1. Whether Registered Valuers appointed ? (Yes/No) 2. If no, reasons thereof: 3. If Yes: Table below to be displayed S. No. Name of Valuer Registration number of Valuer Date of appointment Class of assets ....
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....quidation filed • Application for closure of CIRP filed (12A/dissolution/other, please specify) (Respective ensuing Section 2 / 3 / 4 fields to open) SECTION 2 (Application for approval of Resolution Plan filed) 1. Name of Successful Resolution Applicant 2. Date of the meeting of CoC approving the resolution plan: 3. Date of approval of CoC (i.e. conclusion of voting): 4. % of voting share by which CoC approved the resolution plan: 5. % of voting share which dissented to the resolution plan: SECTION 3 (In case, application for initiation of Liquidation process filed) 1. Reason for filing application for liquidation of the CD (No valuable assets / Non- receipt of resolution plan/ Rejection of resolution plan by CoC/ others, please specify): (refer regulation 40D for dropdown options) 2. Date of the meeting of CoC approving the liquidation: 3. Date of approval of CoC (i.e. conclusion of voting): 4. % of voting share by which CoC approved for liquidation: SECTION 4 (In case, application for closure of CIRP filed (Pr....
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....t, penalty) Total Admitted Claims Secured Financial Creditors (other than FC in a Class) Financial Creditors in a class Unsecured Financial Creditors Operational Creditors Government Workmen Employees Other Debts and Dues Shareholders Total SECTION 2 Resolution Plan (Fill, if selected a. above) 1. Details of stakeholders, claims, and realization, under resolution plan. (Amount in Rupees) S. No. Category of stakeholder* Number of creditors/ parties Amount Claimed Amount admitted (auto populate) Realizable by Stakeholders Amount % (auto calcu late %) 1 IRPC 2 Secured Financial Creditors (other than FC in a Class) &n....
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....p;settlement with other creditors/ Agreement to settle in future/ Other settlements with creditors/ Others)_ ______ 2. Amount of claims: 3. Settlement Amount, if available: SECTION 5 (Common information to be filled in all three scenarios - A/B/C) 1. Details of Valuation (Amount in Rupees) Average Liquidation Value Average Fair Value 2. Total CIRP Cost (A=B+C): a. Process Related Costs (B): b. Going Concern Related Costs (C): Attachments 1. Information Memorandum 2. RFRP 3. Resolution Plan. 4. Form H submitted to NCLT 5. Order of AA approving the resolution plan/liquidation/closure. 6. Minutes of all CoC meetings Declaration I, [Name of RP] having IP registration number [Registration no.], was appointed as an Resolution Professional vide NCLT order dated [ Insert date] and Application number [ Insert application number] dated [ Date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016 / is functioning as Resolution ....
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....sp; Fraudulent (Section 66) Combinations of Preferential/ Undervalued/ Fraudulent/Extortionate if any Attachments (For each entry above) 1. Copy of Application filed with the Adjudicating Authority with all annexures. 2. Order passed by the Adjudicating Authority. Declaration I, [Name of RP] having IP registration number [Registration no.], was appointed as an Resolution Professional vide NCLT order, dated [ mention date] in application number [ mention application number] dated [mention date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016/ is functioning as Resolution Professional under Regulation 17(3). I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom. *To be digitally signed/ e-signed by IP *IP registration number: ....
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....eported in last month - Whether Stay vacated during the month ? -If yes, attach copy of order - Date of order - Brief of order (Text - upto 200 words) - Attach copy of order If Ongoing - Section B 1. Status of the Ongoing Process - Dropdown (Going as per model timelines under reg. 40A/ Delayed) 2. If delayed, state reason thereof -Dropdown (Admission order received late/Stay by any Authority or Court/ Settlement between the parties under consideration/ RP replaced/Claims not received/ CoC not constituted/ RP not able to take custody of assets from exmanagement/ RP not getting Information, records, cooperation from ex-management/ Assets, records seized, detained by government authorities/ Last date for submission of EOI extended/CoC not providing funds/ Delay in RFRP/ Time sought by PRAs beyond stipulated time/ CoC considering the resolution plan incl. negotiations with PRAs/Voting yet to be concluded/ CoC took considerable time for approval/ Others, please specify) - ALLOW MULTIPLE REASONS TO BE SELECTED 3. Latest Activity Completed - Dropdown (- Public announcement issued - Report certifying Constitution of Co....