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The Insolvency and Bankruptcy Board of India clarifies the computation of the fee payable for delay in filings under regulation 40B of the CIRP Regulations. Insolvency Professionals pay a fee of five hundred rupees per Form for each calendar month of delay after 1st October, 2020. The fee applies for the period that starts from the due date of filing a Form or 1st October, 2020, whichever is later. The Board refunds excess fees paid due to technical glitches, double payments, or incorrect calculation of delay from the due date.
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Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
Clarification
No. IBBI/CIRP Forms/2020
4^th^ December, 2020
Subject: Computation of fee payable for delay in filings under regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The Board is in receipt of a few emails from IPs seeking clarification on the above subject.
"The filing of a Form under this regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for each calendar month of delay after 1^st^ October, 2020."
Therefore, it is clarified that fee is payable for the period that lapses between the due date of filing a Form or 1^st^ October, 2020, whichever is later, and the actual date of filing the said Form.
It appears that a fee, higher than what is payable under the CIRP Regulations, has been paid along with filings of some Forms. These have happened in three situations, namely,
(i) fee has been paid for delay in submission of Form, which was on account of technical glitches;
(ii) fee has been paid twice for filing the same Form; and
(iii) fee has been paid for the delay from the due date.
-Sd- (Dr. Kokila Jayaram) Deputy General Manager
