IBBI Proposes to Simplify and Optimize CIRP Forms, Reducing Compliance Burden for IPs

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By Taxmann
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Last Updated on 12 June, 2024

CIRP Forms

Discussion Paper; Dated: 10.06.2024

The IBBI has issued a Discussion Paper on reducing compliance by reviewing the CIRP Form submitted by Insolvency Professionals (IPs). Through this discussion paper, it has been proposed to simplify & optimise the CIRP forms, reducing the compliance burden on IPs while ensuring the availability of accurate information for effective decision-making. Further, it has also been proposed that the compliance process be simplified by combining various reporting systems on IPA & IBBI sites into a single website.

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