Friday, June 21, 2024
Today’s News

IBBI Suggests Making Forms for MPs Simpler and Less Onerous to Comply With.

In a published discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) suggested streamlining the forms filed by resolution professionals for the corporate insolvency resolution process (CIRP), in response to the Financial Stability and Development Council’s (FSDC) recommendation to lessen the burden of compliance. The purpose of the suggested modifications is to reduce redundancy and simplify the formalities that resolution specialists handle.
For example, IBBI has suggested switching to a monthly compliance reporting framework, in which insolvency professionals would file the necessary forms by the tenth day of the following month, and report the status and progress of the CIRP as of the last day of each month.

The deadlines for submitting different CIRP forms are currently associated with distinct events, including the date of insolvency commencement, the announcement to the public, the hiring of resolution consultants, and the issuance of information memos. According to IBBI, this causes the filing deadlines for forms to fall on different dates for an insolvency practitioner managing several CIRP assignments, which complicates the filing procedure.

IBBI has proposed to remove a number of forms, including the pre-assignment form and CIRP six form, which provide information about interim financing and the start of the company’s guarantors’ insolvency resolution process, among other things. According to the insolvency regulator, this is being done because pertinent information is captured in other ways.

Also Read:

UNSC Accepts US-Backed Cease-fire Proposal to End Israel-Hamas Conflict 

Startup Ecosystem Value in Abu Dhabi Surges by 28%.

INTERVIEW

Press Release

Letest News

Lifestyle

Friday, June 21, 2024

Entrepreneur Mirror is a platform with a significant focus on business, technology, startups entrepreneurship, leadership, innovation, content creation, prominent business personalities, and many more across the globe. Further, the company publishes interviews, business content, press releases, articles, etc. 

SUBSCRIBE

Copyright © 2024 Entrepreneur Mirror All Right Reserved