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,…
