IBBI launches Revised Forms Framework for Corporate Insolvency Resolution Process

The new forms consolidate the previous system by removing duplications, streamlining data requirements, and leveraging technology for auto-population of information already available on the portal . One of the key changes is the introduction of a standardized monthly reporting cycle, replacing the previous system of multiple event-based due dates throughout the month.

The new framework comprises the following forms:

• CP-1: Covers the period from CIRP commencement till constitution of the Committee of Creditors (CoC).
• CP-2: Covers CoC constitution till issuance of RFRP.
• CP-3A: Covers filing of resolution plan/liquidation/closure application with Adjudicating Authority (AA).
• CP-3B: Covers approval of resolution plan/liquidation/closure by AA.
• CP-4: Covers avoidance transactions reported to AA
• CP-5: Monthly status updates for ongoing CIRPs

For CIRPs admitted on or after June 1, 2025, the revised forms will be applicable immediately. For ongoing CIRPs, the board has provided transitional arrangements, with the first monthly CP-5 form due by July 10, 2025. To facilitate a smooth transition, the IBBI has announced that no penalty will be levied for delayed filing during the initial quarter (July-September 2025).

The new electronic forms will be available on IBBI’s website, and IPs will access the platform using a unique username and password provided by the IBBI. The new framework implements a standardized monthly reporting cycle, which replaces the existing system characterized by multiple event-based due dates throughout the month. These revisions are anticipated to substantially decrease the time and effort required for compliance by insolvency professionals, while simultaneously ensuring that the Board receives all essential information in a timely manner.