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The proposed amendments are expected to make the process less stringent for the insolvency professionals and resolve the complexities
The Insolvency and Bankruptcy Board of India (IBBI) has proposed to simplify the forms submitted for the corporate insolvency resolution process (CIRP) by resolution professionals (RPs).
The changes, proposed in a discussion paper released earlier this week, follow the suggestion of the Financial Stability and Development Council (FSDC) to ease compliance burden.
The move is to avoid duplication and streamline formalities undertaken by RPs. For instance, the IBBI has proposed to move to a monthly compliance reporting framework where insolvency…
Read the full article at: https://www.business-standard.com/economy/news/ibbi-proposes-reducing-compliance-burden-simplifying-forms-for-ips-124061100763_1.html
