In a move that could help streamline and quicken insolvency proceedings against firms, the government is looking to reduce the compliance burden on insolvency professionals. In this regard, the Insolvency and Bankruptcy Board of India (IBBI) has issued a discussion paper on reducing compliance by review of forms for corporate insolvency resolution process (CIRP) that are submitted by insolvency professionals.
The discussion paper has listed out a number of measures with the aim to reduce the amount of information and data that Insolvency Professionals (IPs) currently need to submit, with a special emphasis on removing duplication, making the reporting process simpler and more efficient. It has also recommended adjusting compliance dead…
Read the full article at: https://www.businesstoday.in/latest/corporate/story/ibbi-proposes-to-reduce-compliance-burden-on-insolvency-professionals-432914-2024-06-11