Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-21052025-263269
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 375]
NEW DELHI, MONDAY, MAY 19, 2025/VAISAKHA 29, 1947
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 19th May, 2025
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third
Amendment) Regulations, 2025.
No. IBBI/2025-26/GN/REG126.— In exercise of the powers conferred by clause (t) of sub- section (1) of
section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and
Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy
Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:-
1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process
for Corporate Persons) (Third Amendment) Regulations, 2025.
(2) They shall come into force on 1st June, 2025.
2. In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016, for regulation 40B, the following regulation shall be substituted, namely: -
"40B. Filing of Forms.
(1) The interim resolution professional or resolution professional, as the case may be, shall file the Forms, along with
the enclosures thereto, on an electronic platform of the Board, as per the timelines stipulated against each form, in
the table below:-
+-----+-----------------------------------------------------------------------------------------------------+-----------+-----------------------------------------------------------------------------------------------------+
| Form| Period covered and scope | To be | Timeline |
| (1) | (2) | filed by | (4) |
| | | (3) | |
+=====+=====================================================================================================+===========+=====================================================================================================+
| CP-1| From commencement of CIRP till constitution of CoC: | IRP | On or before the |
| | This includes details of IRP, CD, and the Applicant, | | 10th day of the |
| | admission of application by AA (Adjudicating Authority), | | subsequent month, |
| | public announcement, details of Authorised Representatives, | | after filing the |
| | taking over management of the CD, receipt and verification | | report on |
| | of claims, constitution of CoC, etc. | | constitution of CoC |
| | | | to AA |
+-----+-----------------------------------------------------------------------------------------------------+-----------+-----------------------------------------------------------------------------------------------------+
| CP-2| From constitution of CoC till issue of RFRP: This | RP | On or before the |
| | includes details of RP, details of registered valuers, details | | 10th day of the |
| | in IM, expression of interest, RFRP and modification | | subsequent month, |
| | thereof, etc. | | after issuance of |
| | | | RFRP |
+-----+-----------------------------------------------------------------------------------------------------+-----------+-----------------------------------------------------------------------------------------------------+
| CP-3A| Details of resolution plan / liquidation / closure | RP | On or before the |
| | application filed with AA: This includes details of the | | 10th day of the |
| | resolution applicants, details of approval or rejection of | | subsequent month, |
| | resolution plans by CoC, details of application filed with AA | | after filing |
| | for approval of resolution plan, details of initiation of | | application with |
| | liquidation (if applicable), etc. | | AA |
+-----+-----------------------------------------------------------------------------------------------------+-----------+-----------------------------------------------------------------------------------------------------+
| CP-3B| Approval of resolution plan / liquidation / closure by AA: | RP | Within 7 days of |
| | This includes details of the resolution plan approved by the | | disposal of |
| | AA or liquidation order or closure order, etc. | | application by AA |
+-----+-----------------------------------------------------------------------------------------------------+-----------+-----------------------------------------------------------------------------------------------------+
| CP-4| Avoidance transactions reported to AA: This includes | RP | On or before the |
| | details of the avoidance transactions (preferential, | | 10th day of the |
| | undervalued, extortionate credit, fraudulent), underlying | | subsequent month, |
| | amounts, date of reporting to AA, order of AA on the | | after filing of |
| | application (if any), etc. | | application(s) with |
| | | | AA or disposal of |
| | | | application(s) by |
| | | | AA |
+-----+-----------------------------------------------------------------------------------------------------+-----------+-----------------------------------------------------------------------------------------------------+
| CP-5| Monthly: This includes updates on the status of CIRP, | IRP/RP | On or before the |
| | details of CoC meetings held, updates on litigations, details | | 10th of every month |
| | of expenses incurred, reasons for delay (if any), etc. | | for the |
| | | | preceding month. |
+-----+-----------------------------------------------------------------------------------------------------+-----------+-----------------------------------------------------------------------------------------------------+
(2) The Board shall make available the Forms referred in sub-regulation (1) on the electronic platform and may modify
them from time to time.
(3) The interim resolution professional or resolution professional, as the case may be, shall ensure that the Forms and
its enclosures filed under this regulation are accurate and complete.
(4) The filing of a Form under this regulation after the 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 from a
date to be notified through circular by the Board in this regard.
(5) The interim resolution professional or resolution professional, as the case may be, shall be liable to any action
which the Board may take as deemed fit under the Code or any regulation made thereunder, including refusal to issue
or renew Authorisation for Assignment, for-
(i) failure to file a Form along with requisite information and records;
(ii) inaccurate or incomplete information or records filed in or along with a Form;
(iii) delay in filing the Form.”
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./108/2025-26]
Note: The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 were published vide notification No. IBBI/2016- 17/GN/REG004, dated 30th November, 2016 in
the Gazette of India, Extraordinary, Part III, Section 4, No. 432 on 30th November, 2016 and were last amended by
the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second
Amendment) Regulations, 2025 published vide notification No. IBBI/2025-26/GN/REG124, dated the 3rd April,
2025 in the Gazette of India, Extraordinary, Part III, Section 4, No. 277 on 3rd April, 2025.