Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
CIRCULAR
No.: IBBI/CIRP/42/2021 20th July, 2021
To
All Registered Insolvency Professionals
All Recognised Insolvency Professional Entities
All Registered Insolvency Professional Agencies
(By mail to registered email addresses and on website of the IBBI)
Dear Madam / Sir,
Sub: Filing of Form CIRP 8 under the IBBI (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016
Regulation 35A of the IBBI (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 (CIRP Regulations) requires the resolution professional to form an opinion
on transactions covered under sections 43, 45, 50 and 66 by 75th day, make determination on
such transactions by 115th day, and file an application before the Adjudicating Authority by
135th day of the insolvency commencement date. Sub-regulation (1B) of regulation 40B of the
CIRP Regulations requires the resolution professional to file Form CIRP 8 intimating details
of his opinion and determination under regulation 35A, by 140th day of the insolvency
commencement date. The Form CIRP 8 is required to be filed for all corporate insolvency
resolution processes ongoing or commencing on or after 14th July 2021. The format for Form
CIRP 8 is at Annexure.
2. It is directed that the Form CIRP 8 shall be filed in accordance with regulation 40B of the
CIRP Regulations on the Board’s website, like other CIRP Forms.
3. This is issued under clauses (aa), (g), (h) and (k) of sub-section (1) of section 196 of the
Insolvency and Bankruptcy Code, 2016 and regulation 40B of the CIRP Regulations.
Yours faithfully,
Sd/-
(Dr. Kokila Jayaram)
Deputy General Manager
Email: kokila.jayaram@nic.in
Encl.: Annexure.
Annexure
Form CIRP 8
(To be filed by the Resolution Professional online on or before 140th day from insolvency commencement date,
in accordance with sub-regulation (1B) of regulation 40B of the IBBI (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016)
A. Details of Insolvency Professional
1. Name of Resolution Professional:
2. Registration Number:
B. Corporate Debtor details
1. Name of Corporate Debtor:
2. CIN/LLPIN of Corporate Debtor:
3. Insolvency Commencement Date:
4. NCLT Bench:
C. Details of preferential and other transactions
1. The details of exercise undertaken by me under regulation 35A are as under:
Sl. Description
Section of the Code
43
45
50
66(1)
66(2)
1 In my opinion under sub-regulation (1) of regulation 35A, the
corporate debtor has been subjected to transactions covered
under
Yes /
No
Yes /
No
Yes /
No
Yes /
No
Yes /
No
2 In my determination under sub-regulation (2) of regulation 35A,
the corporate debtor has been subjected to transactions covered
under
Yes /
No
Yes /
No
Yes /
No
Yes /
No
Yes /
No
3 I have applied under sub-regulation (3) of regulation 35A to the
Adjudicating Authority seeking relief in respect of transactions
covered under
Yes /
No
Yes /
No
Yes /
No
Yes /
No
Yes /
No
2. The details of transactions covered under sections 43, 45, 50, 66(1) and 66(2), as determined
by me, are as under:
Sl. Covered under section(s)
43/45/50/66(1)/66(2)
(Select more than one if
the transaction is
covered under more than
one section)
Date /
period of
transactions
Directors/ Partners at the
relevant time
Beneficiaries of the
transaction
Date of
application
to the
Adjudicatin
g Authority
Value
underlyin
g the
transactio
n(s) (₹)
Name(s)
DIN/
DPIN
Name(s) Identification
No.
(encrypted)
1
2
.
.
.
.
N
3. I have assessed the potential loss to creditors under sub-section (2) of section 66 as under:
Sl.
Description
Particulars
1
The corporate insolvency resolution process of the corporate debtor should have
commenced on
[date]
2
The corporate insolvency resolution process of the corporate debtor commenced on
[date]
3
In my assessment, the potential loss to creditors from ….. [date in row (1)] to ….. ….. [date
in row (2)] is
(₹) …….
[amount].
(Please attach the details of working of the potential loss to creditors).
4. The details of failure to do the exercise under regulation 35A are as under:
Sl.
Description
Reason(s)
1
I have not formed opinion under sub-regulation (1) of regulation 35A for
2
I have not made determination under sub-regulation (2) of regulation 35A for
3
I have not assessed the potential loss to creditors under sub-section (2) of
section 66 for
4
I have not made an application under sub-regulation (3) of regulation 35A for
(Please state reasons. If required, attach any document)
D. Attachments
1. Working of potential loss to creditors under section 66(2)
2. Document(s) that prevented the resolution professional to undertake the exercise under
regulation 35A.
Declaration
I, [Name of IP] having IP registration number [Registration no.], being appointed as an Interim
Resolution Professional / Resolution Professional for the insolvency resolution process of
[Name of CD], hereby declare that the contents of this form are true and correct to the best of
my knowledge and belief, and nothing material has been concealed.
This form is being filed:
1. within the stipulated time.
2. being filed with payment of the applicable fee of ₹.____.
*To be digitally signed/e-signed by IP
* IP Registration number:
Date:
Place:
