The Insolvency and Bankruptcy Board of India vide circular dated 04th January, 2021, clarifies that an IP shall preserve copies of records generated in electronic form for a minimum period of eight years, from the date of completion of the CIRP or the conclusion of any proceeding relating to CIRP, before the Adjudicating Authority (AA), Appellate Authority or Court, or any matter pending with the Board, whichever is later.
An IP, in the matter of a CIRP, shall preserve the following copies of records relating to/forming basis for:
- His appointment as IRP or RP, including the terms of appointment; (b) handing over / taking over by him;
- Admission of CD into CIRP;
- Public announcement;
- The constitution of CoC and CoC meetings;
- Claims, verification of claims, and list of creditors;
- Engagement of professionals, registered valuers, and insolvency professional entity, including work done, reports etc., submitted by them; (h) information memorandum;
- All filings with the AA, Appellate Authority and their orders;
- Invitation, consideration and approval of resolution plan;
- Statutory filings with IBBI and IPA;
- Correspondence during the CIRP;
- Insolvency resolution process cost pertaining to CIRP;
- Avoidance transactions or fraudulent trading;
- Any other records, which is required to give a complete account of the CIRP.
