Following the suggestion of the Financial Stability and Development Council (FSDC) to ease the compliance burden, the Insolvency and Bankruptcy Board of India (IBBI) has proposed simplifying the forms submitted for the corporate insolvency resolution process (CIRP) by resolution professionals in a discussion paper released. The idea behind the proposed changes is to avoid duplication and streamline the formalities undertaken by resolution professionals.
For instance, IBBI has proposed moving to a monthly compliance reporting framework where insolvency professionals would report the status and progress of the CIRP as on the last day of every month, by filing the applicable forms b…
Read the full article at: https://www.business-standard.com/economy/news/ibbi-proposes-reducing-compliance-burden-simplifying-forms-for-mps-124061100763_1.html
