IBBI streamlines CIRP with new digital framework

The Insolvency and Bankruptcy Board of India (IBBI) has announced a significant reform to the Corporate Insolvency Resolution Process (CIRP) with the introduction of a simplified and streamlined forms framework. Effective June 1, 2025, this move aims to substantially reduce the compliance burden on Insolvency Professionals (IPs) while enhancing the efficiency and oversight of insolvency proceedings.

Through a notification dated May 19, 2025, the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, have been amended to consolidate the existing nine forms (Form IP-1 and CIRP Forms 1 to 8) into a more manageable five forms (CP-1 to CP-5). This consolidation was achieved by eliminating redundancies, optimizing data requirements, and leveraging technology for the auto-population of information already available on the IBBI portal.

A key change in the revised framework is the shift to a standardized monthly reporting cycle, replacing the previous system of multiple event-based due dates. This change is expected to drastically cut down the time and effort IPs spend on compliance, ensuring that the IBBI receives essential information in a timely and structured manner.

The new forms will be accessible on the IBBI’s website, www.ibbi.gov.in, starting June 1, 2025, at which point the old forms will be discontinued. To assist IPs in transitioning to the new system and to address any technical glitches, the IBBI has announced a penalty waiver for delayed filings during the initial quarter (July-September 2025).

Insolvency Professionals handling CIRP assignments will access a dedicated electronic platform on the IBBI website using unique usernames and passwords. They will then upload and submit the new forms, along with relevant information and records, by affixing their Digital Signature Certificates (DSC) or e-signing.

Implementation Details for IPs:

• For CIRPs admitted on or after June 1, 2025: The revised forms will be applicable according to the prescribed timelines.
• For CIRPs ongoing as of June 1, 2025:
  • Existing CIRP-1 and CIRP-2 have been converged into CP-1; CIRP-3 and CIRP-4 into CP-2. These new forms are only required if the corresponding older forms were not previously submitted.
  • CP-3A, CP-3B, and CP-4 forms must be submitted in all ongoing CIRP cases.
  • Any form due for submission under the revised framework on or before June 1, 2025, must be submitted by September 30, 2025.
  • The first monthly CP-5 form for the period of June 2025 is due by July 10, 2025, with subsequent monthly submissions until the conclusion of the CIRP.
• For CIRPs closed on or before May 31, 2025: If any older forms remain pending, IPs must submit the corresponding forms under the revised framework by September 30, 2025.

All subsequent filings must be made exclusively through the new forms by the IP in office as interim resolution professional or resolution professional.

For further clarification, IPs are advised to refer to the Frequently Asked Questions (FAQs) available on www.ibbi.gov.in. Technical issues or filing difficulties can be reported to support.form@ibbi.gov.in.

This reform, issued under section 196(1)(aa) of the Insolvency and Bankruptcy Code, 2016, underscores IBBI’s commitment to fostering a more efficient, transparent, and less burdensome insolvency resolution ecosystem in India.

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