The Insolvency and Bankruptcy Board of India vide its notification dated 4th December 2020 has issued clarification on regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) which deals with filing of forms in which filing of a Form after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of 500 rupees per Form for each calendar month of delay after 1st October, 2020.
Therefore it has been clarified that fee is payable for the period that lapses between the due date of filing a Form or 1st October, 2020, whichever is later, and the actual date of filing the said Form.
