Revised Forms for Corporate Insolvency Resolution Process

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001

CIRCULAR

Circular No. IBBI/CIRP/85/2025 | Date: 26th May, 2025

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)

Subject: Launch of Revised Forms for Corporate Insolvency Resolution Process (CIRP).

1. The Insolvency and Bankruptcy Board of India, through notification dated 19th May, 2025, has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to introduce a simplified and streamlined forms framework for monitoring Corporate Insolvency Resolution Process (CIRP). This reform represents a significant step towards reducing the compliance burden on Insolvency Professionals (IPs) while maintaining effective oversight of the insolvency resolution process.

2. Under the revised framework, the existing nine forms (consisting of Form IP-1 and CIRP Forms 1 to 8) are being consolidated into five forms (CP-1 to CP-5). This consolidation has been achieved by removing duplications, streamlining data requirements, and leveraging technology for auto-population of information already available on portal.

3. The new framework introduces a standardized monthly reporting cycle, replacing the current system of multiple event-based due dates during the month. These changes are expected to significantly reduce the time and effort required for compliance by the insolvency professionals while ensuring that the Board receives all essential information on timely basis.

4. The new forms framework, comprises the following forms:

5. An indicative template of new forms is placed as Annexure I for reference.

6. The new forms will be available on IBBI's website from 1st June, 2025, and the existing forms shall be discontinued with effect from the said date.

7. In order to facilitate IPs to familiarize themselves with the new forms and resolve technical issue(s) that may arise, if any, no penalty will be levied on delayed filing of forms, if any, during the initial quarter (July-Sep, 2025).

8. The set of forms developed by the Board on an electronic platform will be hosted on its website at https://www.ibbi.gov.in. The IP handling the CIRP assignment shall access the platform with a unique username and password provided by the IBBI and upload/submit the Forms, along with relevant information and records, after affixing DSC or e-signing.

9. It is directed that an IP shall file the revised Forms through the electronic platform as follows:

a. For CIRPs admitted on or after 1st June, 2025:

• The revised forms shall be applicable as per this circular within the timelines prescribed in column (4) of Table under S. No. 4.

b. For CIRPs that are ongoing as on 1st June, 2025: i. The existing CIRP-1 and CIRP-2 forms have now been converged into CP 1; and existing CIRP-3 and CIRP-4 forms have now been converged into CP 2. The new CP-1 and CP-2 forms are required only if the corresponding earlier CIRP forms were not submitted. Accordingly, CP 1 and CP 2 forms are not required to be submitted in all such cases where CIRP-1, CIRP-2, CIRP-3 and CIRP-4 forms were filed earlier. ii. CP-3A, CP-3B & CP-4 forms are required to be submitted in all ongoing CIRP cases. iii. In case of any form as per revised framework stated in point no. (i) & (ii) above, is due for submission, on or before 1st June, 2025, such forms are required to be submitted by 30st Sep, 2025. iv. Submit the first monthly CP-5 form by 10th July, 2025 (for the period of June, 2025) and thereafter to be submitted on monthly basis till conclusion of CIRP.

c. For CIRPs closed on or before 31st May, 2025:

• Where any earlier forms remain pending as of the date of this circular, IPs shall submit the corresponding Forms under the revised framework, on or before 30th September, 2025.

9. All subsequent filings shall be made only through the new forms by the IP who is in office as interim resolution professional or resolution professional as on the last date of the month preceding the month in which the form is due to be filed.

10. In case of any clarification, may refer to the Frequently Asked Questions (FAQs) as available on www.ibbi.gov.in. Further, any technical issues or difficulties in filing may be reported to support.form@ibbi.gov.in

11. This circular is issued in exercise of powers under section 196(1)(aa) of the Insolvency and Bankruptcy Code, 2016.

Yours faithfully,

Sd/- Rajesh Tiwari General Manager

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ANNEXURE I - Indicative template of Forms

FORM – CP 1 (To be submitted to the Board by the IP online by 10th of the month succeeding the month in which the Report certifying constitution of CoC is filed with Adjudicating Authority under Regulation 17(1))

A. Corporate Debtor

1. Name of the Corporate Debtor: [Auto-populated]
2. CIN/LLPIN of Corporate Debtor: [Auto-populated]
3. PAN No. of Corporate Debtor: [Auto-populated]
4. Industry/Sector: [Auto-populated]
5. Date of incorporation: [Auto-populated]
6. Address of the registered office of the Corporate Debtor: [Auto-populated]
7. Address of the principal office of the Corporate Debtor, if any:
8. Address of the corporate office of the Corporate Debtor, if any:
9. Registered email id of the Corporate Debtor: [Auto-populated]
10. Whether going concern? (Yes/No)
11. Whether any proceedings were pending against the Corporate Debtor under Sick Industrial Companies (Special Provisions) Act, 1985? (Yes/No) If yes, date of admission under BIFR:
12. Whether any proceedings for winding up initiated under the Companies Act, 1956 or 2013? (Yes/No) If yes, a. Section under which it was initiated: b. Bench/Court: c. Date of transfer to Adjudicating Authority (AA):

B. Insolvency Professional

1. Process Email Id:

C. Admission of application by AA

1. Application filed under Section: (Dropdown – 7/9/10)
2. CP (Company Petition) No.:
3. Date of filing to AA:
4. Bench: [Auto-populated]
5. Name of the Applicant/ Petitioner: (In case of section 7 application, list of SCBs to be provided in dropdown, with “other, please specify” option)
6. Address of the Applicant/Petitioner:
7. In case of section 9, whether the name of IRP was proposed by the operational creditor (applicant)? (Yes/No)
8. Date of admission: [Auto-populated]
9. Date of AA Order appointing the IRP: [Auto-populated]
10. Amount of underlying default for which petition has been admitted (Rupees):
11. Date on which the default occurred: (Date)

D. Public Announcement

1. Date of issue: [Auto-populated]

2. Details of publication of Public Announcement (Allow multiple rows) | Name of Newspaper | Date of Publication | Edition | | :--- | :--- | :--- | | | | |

3. Last date for submission of claims: [Auto-populated]

4. Details of classes of creditors, if any, under section 21(6A)(b) and names of authorised representative (AR) identified for each class: a. Number of class of creditors: b. IP(s) recommended/appointed as an AR for each class: | S. No. | Class of Creditors (Dropdown – Real Estate Allottees/Debenture Holders/Others) | IPs selected/recommended as AR | | :--- | :--- | :--- | | | | IP registration number | Name of IP | | 1. | | | Name of IP | | 2. | | | Name of IP |

E. Process Status

1. Whether Corporate Debtor is listed as on ICD? (Yes/ No): [Auto-populated; Editable]
2. Has IRP taken into custody records and assets relating to CD? (Yes/ No/Partial) If no, whether application made u/s 19(2) of the Code, to the AA? (Yes /No) If no, specify the reasons: