In a bid to expedite the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC), the government is mulling to reduce compliance burden on insolvency professionals (IPs). In a discussion paper floated on Monday, the Insolvency and Bankruptcy Board of India (IBBI) has proposed to streamline and reduce the number of CIRP forms filed by IPs by merging, dropping, and revamping certain forms.
Currently, the timelines for filing various CIRP forms nine in total are linked to different events such as the insolvency commencement date, public announcement, appointment of RP, etc. This leads to due dates for filing of forms falling on different dates for an IP handling multiple CIRP assignments, making the f…
Read the full article at: https://www.financialexpress.com/business/industry-compliance-relief-proposed-for-insolvency-professionals-3522238/