IBBI has proposed simplifying the forms that resolution professionals (RPs) submit for the corporate insolvency resolution process

IBBI has proposed simplifying the forms that resolution professionals (RPs) submit for the corporate insolvency resolution process (CIRP).
Earlier this week, a discussion paper with the proposed changes was released.
The changes will ease the burden of compliance, as recommended by the Financial Stability and Development Council (FSDC).
The Insolvency and Bankruptcy Board of India (IBBI) has proposed switching to a monthly compliance reporting framework.
In this framework, on the last day of every month, insolvency professionals would report the status and progress of the CIRP.
Insolvency professionals would do so by filing the applicable forms by 10th day of the following month.
As of now, the timelines for filing CIRP forms are connected to several events.
These events include appointment of RPs, the insolvency commencement date, public announcement, and issue of information memorandum.
IBBI has proposed to eliminate certain forms, such as the pre assignment form and CIRP Form-6.
CIRP Form-6 details interim finance, commencement of insolvency resolution process of guarantors of the company.