The Insolvency and Bankruptcy Board of India vide its circular dated 18th March 2021 has directed the interim resolution professional/ resolution professional (IRP/RP) to report delays within three days.
Regulation 40B of the CIRP regulations requires an interim resolution professional (IRP) / resolution professional (RP) to file a set of forms (CIRP 1 to CIRP 6) within seven days of completion of specific activities to enable monitoring progress of CIRP.
Regulation 40B of CIRP regulations require the filing of Form CIRP 7 within three days of due date of completion of specified activities and shall continue to file Form CIRP 7 every 30 days, until the said activity remains incomplete.
The activities for which reporting has been made mandatory include failure to make public announcement as per prescribed timelines and failure to complete CIRP within 180 days from the insolvency commencement date.
Subsequent filing of Form CIRP 7 shall not be made until thirty days have lapsed from the filing of an earlier Form CIRP 7. Only one Form shall be filed at any time whether one or more activity is not completed by the specified date.
