News & Media 18th Jun 2024
The Insolvency and Bankruptcy Board of India (IBBI) has released discussion paper on ‘Reducing compliance by review of CIRP Forms submitted by Insolvency Professionals to IBBI’ in an aftermath of advice provided by the Financial Stability and Development Council (FSDC), to remove redundancy in compliance requirements for Insolvency Professionals (IPs) and Insolvency Professional Agencies (IPAs).
The major reforms in the discussion paper includes elimination of IP-1 and CIPR-6 form. Merging of CIRP-1 and CIRP-2 which is to be filled after the constitution of the Committee of Creditors (CoC).
In this context, BW Businessworld’s Sheikh Rishad writes on “Revamping IBBI Forms Aim to Streamline Compliance, But Effective Data Utilisation Challenge Remains: Experts” with insights from our Senior Counsel Mukesh Chand.