Circular- Revised Forms for Corporate Insolvency Resolution Process (CIRP).

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001

CIRCULAR

Circular No. IBBI/CIRP/85/2025 | Date: 26th May, 2025

To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI)

Subject: Launch of Revised Forms for Corporate Insolvency Resolution Process (CIRP).

1. The Insolvency and Bankruptcy Board of India, through notification dated 19th May, 2025, has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to introduce a simplified and streamlined forms framework for monitoring Corporate Insolvency Resolution Process (CIRP). This reform represents a significant step towards reducing the compliance burden on Insolvency Professionals (IPs) while maintaining effective oversight of the insolvency resolution process.

2. Under the revised framework, the existing nine forms (consisting of Form IP-1 and CIRP Forms 1 to 8) are being consolidated into five forms (CP-1 to CP-5). This consolidation has been achieved by removing duplications, streamlining data requirements, and leveraging technology for auto-population of information already available on portal.

3. The new framework introduces a standardized monthly reporting cycle, replacing the current system of multiple event-based due dates during the month. These changes are expected to significantly reduce the time and effort required for compliance by the insolvency professionals while ensuring that the Board receives all essential information on timely basis.

4. The new forms framework, comprises the following forms:

5. An indicative template of new forms is placed as Annexure I for reference.

6. The new forms will be available on IBBI's website from 1st June, 2025, and the existing forms shall be discontinued with effect from the said date.

7. In order to facilitate IPs to familiarize themselves with the new forms and resolve technical issue(s) that may arise, if any, no penalty will be levied on delayed filing of forms, if any, during the initial quarter (July-Sep, 2025).

8. The set of forms developed by the Board on an electronic platform will be hosted on its website at https://www.ibbi.gov.in. The IP handling the CIRP assignment shall access the platform with a unique username and password provided by the IBBI and upload/submit the Forms, along with relevant information and records, after affixing DSC or e-signing.

9. It is directed that an IP shall file the revised Forms through the electronic platform as follows:

a. For CIRPs admitted on or after 1st June, 2025:

• The revised forms shall be applicable as per this circular within the timelines prescribed in column (4) of Table under S. No. 4.

b. For CIRPs that are ongoing as on 1st June, 2025: i. The existing CIRP-1 and CIRP-2 forms have now been converged into CP 1; and existing CIRP-3 and CIRP-4 forms have now been converged into CP 2. The new CP-1 and CP-2 forms are required only if the corresponding earlier CIRP forms were not submitted. Accordingly, CP 1 and CP 2 forms are not required to be submitted in all such cases where CIRP-1, CIRP-2, CIRP-3 and CIRP-4 forms were filed earlier. ii. CP-3A, CP-3B & CP-4 forms are required to be submitted in all ongoing CIRP cases. iii. In case of any form as per revised framework stated in point no. (i) & (ii) above, is due for submission, on or before 1st June, 2025, such forms are required to be submitted by 30st Sep, 2025. iv. Submit the first monthly CP-5 form by 10th July, 2025 (for the period of June, 2025) and thereafter to be submitted on monthly basis till conclusion of CIRP.

c. For CIRPs closed on or before 31st May, 2025:

• Where any earlier forms remain pending as of the date of this circular, IPs shall submit the corresponding Forms under the revised framework, on or before 30th September, 2025.

9. All subsequent filings shall be made only through the new forms by the IP who is in office as interim resolution professional or resolution professional as on the last date of the month preceding the month in which the form is due to be filed.

10. In case of any clarification, may refer to the Frequently Asked Questions (FAQs) as available on www.ibbi.gov.in. Further, any technical issues or difficulties in filing may be reported to support.form@ibbi.gov.in

11. This circular is issued in exercise of powers under section 196(1)(aa) of the Insolvency and Bankruptcy Code, 2016.

Yours faithfully,

Sd/- Rajesh Tiwari General Manager

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ANNEXURE I - Indicative template of Forms

FORM – CP 1 (To be submitted to the Board by the IP online by 10th of the month succeeding the month in which the Report certifying constitution of CoC is filed with Adjudicating Authority under Regulation 17(1))

A. Corporate Debtor

1. Name of the Corporate Debtor: [Auto-populated]
2. CIN/LLPIN of Corporate Debtor: [Auto-populated]
3. PAN No. of Corporate Debtor: [Auto-populated]
4. Industry/Sector: [Auto-populated]
5. Date of incorporation: [Auto-populated]
6. Address of the registered office of the Corporate Debtor: [Auto-populated]
7. Address of the principal office of the Corporate Debtor, if any:
8. Address of the corporate office of the Corporate Debtor, if any:
9. Registered email id of the Corporate Debtor: [Auto-populated]
10. Whether going concern? (Yes/No)
11. Whether any proceedings were pending against the Corporate Debtor under Sick Industrial Companies (Special Provisions) Act, 1985? (Yes/No) If yes, date of admission under BIFR:
12. Whether any proceedings for winding up initiated under the Companies Act, 1956 or 2013? (Yes/No) If yes, a. Section under which it was initiated: b. Bench/Court: c. Date of transfer to Adjudicating Authority (AA):

B. Insolvency Professional

1. Process Email Id:

C. Admission of application by AA

1. Application filed under Section: (Dropdown – 7/9/10)
2. CP (Company Petition) No.:
3. Date of filing to AA:
4. Bench: [Auto-populated]
5. Name of the Applicant/ Petitioner: (In case of section 7 application, list of SCBs to be provided in dropdown, with “other, please specify” option)
6. Address of the Applicant/Petitioner:
7. In case of section 9, whether the name of IRP was proposed by the operational creditor (applicant)? (Yes/No)
8. Date of admission: [Auto-populated]
9. Date of AA Order appointing the IRP: [Auto-populated]
10. Amount of underlying default for which petition has been admitted (Rupees):
11. Date on which the default occurred: (Date)

D. Public Announcement

1. Date of issue: [Auto-populated]

2. Details of publication of Public Announcement (Allow multiple rows) | Name of Newspaper | Date of Publication | Edition | | :--- | :--- | :--- | | | | |

3. Last date for submission of claims: [Auto-populated]

4. Details of classes of creditors, if any, under section 21(6A)(b) and names of authorised representative (AR) identified for each class: a. Number of class of creditors: b. IP(s) recommended/appointed as an AR for each class: | S. No. | Class of Creditors (Dropdown – Real Estate Allottees/Debenture Holders/Others) | IPs selected/recommended as AR | | :--- | :--- | :--- | | | | IP registration number | Name of IP | | 1. | | | Name of IP | | 2. | | | Name of IP |

E. Process Status

1. Whether Corporate Debtor is listed as on ICD? (Yes/ No): [Auto-populated; Editable]
2. Has IRP taken into custody records and assets relating to CD? (Yes/ No/Partial) If no, whether application made u/s 19(2) of the Code, to the AA? (Yes /No) If no, specify the reasons:

F. Add table of COC Constitution

Remarks, if any__________________________________

Declaration I, [Name of IP] having IP registration number [Registration no.], was appointed as an Interim Resolution Professional / Resolution Professional vide NCLT order dated [ Insert date], under section 16/22 of the Insolvency and Bankruptcy Code. I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom.

*To be digitally signed/ e-signed by IP *IP registration number: Date: Place:

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FORM – CP2 (To be submitted to the Board by the IP online by 10th of the month succeeding the month in which Request for Resolution Plans is issued)

A. Corporate Debtor

1. Name of the Corporate Debtor: [Auto-populated]
2. CIN/LLPIN of Corporate Debtor: [Auto-populated]

B. Appointment of registered valuers

1. Whether Registered Valuers appointed ? (Yes/No)
2. If no, reasons thereof:
3. If Yes: Table below to be displayed | S. No. | Name of Valuer | Registration number of Valuer | Date of appointment | Class of assets (Land and Building/ Plant and machinery/ Securities and Financial Assets/ others) | | :--- | :--- | :--- | :--- | :--- | | | | | | |

C. Information memorandum (IM)

1. Date of submission of IM to CoC:
2. Whether CD is an MSME? (Yes/ No)

D. Details of EOI & RFRP

1. Date of issue of provisional list of eligible PRAs: [Auto Populated]
2. Date of Issue of final list of PRAs: [Auto Populated]
3. Number of EOI received:
4. No. of eligible PRAs to whom RFRP issued:
5. Last date for submission of resolution plans:

Remarks, if any__________________

Declaration I, [Name of RP] having IP registration number [Registration no.], was appointed as an Resolution Professional vide NCLT order, dated [ mention date] in application number [ mention application number] dated [mention date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016/ is functioning as Resolution Professional under Regulation 17(3). I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom.

*To be digitally signed/ e-signed by IP *IP registration number: Date: Place:

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FORM – CP3A (To be submitted to the Board by the IP online by 10th of the month succeeding the month in which the application for approval of resolution plan / liquidation / process closure, is filed with the Adjudicating Authority)

SECTION 1 A. Corporate Debtor

1. Name of the Corporate Debtor: [auto populate]
2. CIN/LLPIN of Corporate Debtor: [auto populate]

B. Dropdown:

• Application for approval of Resolution Plan filed
• Application for initiation of Liquidation filed
• Application for closure of CIRP filed (12A/dissolution/other, please specify) (Respective ensuing Section 2 / 3 / 4 fields to open)

SECTION 2 (Application for approval of Resolution Plan filed)

1. Name of Successful Resolution Applicant
2. Date of the meeting of CoC approving the resolution plan:
3. Date of approval of CoC (i.e. conclusion of voting):
4. % of voting share by which CoC approved the resolution plan:
5. % of voting share which dissented to the resolution plan:

SECTION 3 (In case, application for initiation of Liquidation process filed)

1. Reason for filing application for liquidation of the CD (No valuable assets / Non- receipt of resolution plan/ Rejection of resolution plan by CoC/ others, please specify): (refer regulation 40D for dropdown options)
2. Date of the meeting of CoC approving the liquidation:
3. Date of approval of CoC (i.e. conclusion of voting):
4. % of voting share by which CoC approved for liquidation:

SECTION 4 (In case, application for closure of CIRP filed (Premature closure of CIRP – 12A/early dissolution, etc.))

1. Reason for application for closure of CIRP – Add dropdown (Withdrawal u/s 12A/ Others, please specify)_______
2. Date of application to AA:
3. Whether application is filed before constitution of CoC? (Y/N) If No: i. Date of the meeting of CoC approving the withdrawal: ii. Date of approval of CoC (i.e. conclusion of voting):

SECTION 5 (Common information to be filled in all three scenarios - A/B/C)

1. Details of Interim Finance. Whether interim finance availed ? – (Yes/No)
2. If yes, display below mentioned table: | S. No. | Providers (Dropdown – PSBs, Private SCBs, NBFCs, others) | Date of Sanction | Amount Sanction | Amount Availed | Rate of Interest p.a. (In %) | Purpose of Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | | | | | | |

Declaration I, [Name of RP] having IP registration number [Registration no.], was appointed as a Resolution Professional vide NCLT order dated [ Insert date] and Application number [ Insert application number] dated [ Date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016/ is functioning as Resolution Professional under Regulation 17(3). I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom.

*To be digitally signed/ e-signed by IP *IP registration number: Date: Place:

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FORM - CP 3B (To be submitted to the Board by the IP online within 7 days of the approval of resolution plan / liquidation / process closure)

SECTION 1

1. Nature of Judicial Order for completion of process (select one of the following):

• Resolution Plan
• Liquidation
• Process Closure (12A/direct dissolution)
• Process set aside by the order of NCLT/NCLAT/Courts
• Others – Please specify

2. Date of approval:
3. Details of Admitted Claims (In Rupees) | Type | Principal Amount | Other Amount (including interest, penalty) | Total Admitted Claims | | :--- | :--- | :--- | :--- | | Secured Financial Creditors (other than FC in a Class) | | | | | Financial Creditors in a class | | | | | Unsecured Financial Creditors | | | | | Operational Creditors | | | | | Government | | | | | Workmen | | | | | Employees | | | | | Other Debts and Dues | | | | | Shareholders | | | | | Total | | | |

SECTION 2 Resolution Plan (Fill, if selected a. above)

1. Details of stakeholders, claims, and realization, under resolution plan. (Amount in Rupees) | S. No. | Category of stakeholder* | Number of creditors/ parties | Amount claimed | Amount admitted (auto populate) | Realizable by Stakeholders | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | | | | | Amount | % (auto calculate %) | | 1 | IRPC | | | | | | | 2 | Secured Financial Creditors (other than FC in a Class) | | | | | | | 3 | Financial creditors in a class | | | | | | | 4 | Unsecured Financial Creditors | | | | | | | 5 | Operational Creditors | | | | | | | 6 | Government | | | | | | | 7 | Workmen | | | | | | | 8 | Employees | | | | | | | 9 | Other Debts and Dues | | | | | | | 10 | Shareholders | | | | | | | | Total | | | | | |

• If there are sub-categories in a category (like real estate allottees, debenture holders etc.), please add rows for each sub-category.

2. Amounts, if an, proposed to be invested as part of Resolution Plan: CAPEX, Working capital, etc.
3. Has any Implementing Agency/ Monitoring Committee been recommended? (Y/N)

• If Yes, whether RP is part of Implementing Agency/ Monitoring Committee? - (Yes/ No)
• If No, give name and contact details of the nodal individual from SRA reg. the implementation of plan.

4. Whether RP has made a determination on preferential/ undervalued/ extortionate/ fraudulent transactions? (Yes/ No): If Yes, details of avoidance transactions: As per the plan, proposed beneficiary of the proceeds of the avoidance application: | S. No. (Allow addition of multiple rows | Proposed Beneficiary as per Plan (Dropdown – Creditors/ CD or SRA/ Others, if any) | Underlying Amount as per Application | | :--- | :--- | :--- | | | | | | Total | | |

5. Other details of resolution plan a. Infusion of Equity (Yes/No) If yes, infusion of Equity Amount: b. Bank Guarantee (Yes/No) If yes, Bank Guarantee amount c. Name of entity post resolution

SECTION 3 Details of Liquidation (Fill, if selected b. above)

1. Name of Liquidator appointed by NCLT________________
2. Liquidation Commencement Date _______

SECTION 4 Closure /withdrawal (Fill, if selected c. above)

1. Please specify the Reason_(Dropdown – Full settlement with the applicant/ Full settlement with other creditors/ Agreement to settle in future/ Other settlements with creditors/ Others)_ ______
2. Amount of claims:
3. Settlement Amount, if available:

SECTION 5 (Common information to be filled in all three scenarios - A/B/C)

1. Details of Valuation (Amount in Rupees) | Average Liquidation Value | | | :--- | :--- | | Average Fair Value | |

2. Total CIRP Cost (A=B+C): a. Process Related Costs (B): b. Going Concern Related Costs (C):

Attachments

1. Information Memorandum
2. RFRP
3. Resolution Plan.
4. Form H submitted to NCLT
5. Order of AA approving the resolution plan/liquidation/closure.
6. Minutes of all CoC meetings

Declaration I, [Name of RP] having IP registration number [Registration no.], was appointed as an Resolution Professional vide NCLT order dated [ Insert date] and Application number [ Insert application number] dated [ Date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016 / is functioning as Resolution Professional under Regulation 17(3). I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom.

*To be digitally signed/ e-signed by IP *IP registration number: Date: Place:

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FORM – CP 4 (To be submitted to the Board online by 10th of the month succeeding the month in which application for avoidance transactions is filed with AA / order is given by AA or other court)

(Multiple submissions of Form to be allowed as applications may be filed on multiple dates; Also allow modification by IPs in coloumn No. 8, 9 and 10 of the table as and when AA adjudicates on the application).

A. Details of Insolvency Professional

1. Name of Resolution Professional: [Auto populated]
2. Registration Number: [Auto populated]

B. Corporate Debtor details

1. Name of Corporate Debtor: [Auto populated]
2. CIN/LLPIN of Corporate Debtor: [Auto populated]
3. NCLT Bench: [Auto populated]

C. Details of Avoidance Applications filled during CIRP

Attachments (For each entry above)

1. Copy of Application filed with the Adjudicating Authority with all annexures.
2. Order passed by the Adjudicating Authority.

Declaration I, [Name of RP] having IP registration number [Registration no.], was appointed as an Resolution Professional vide NCLT order, dated [ mention date] in application number [ mention application number] dated [mention date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016/ is functioning as Resolution Professional under Regulation 17(3). I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom.

*To be digitally signed/ e-signed by IP *IP registration number: Date: Place:

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FORM – CP 5 (To be submitted to the Board by the IP online by 10th of the every month capturing the status of the CIRP as on the last day of the previous month. Note: if an IP demits the office during a month, it shall fill the form by 10th of next month for update during his tenure)

Section 1: General Information Name of the IP: [auto populate] Name of the CD: [auto populate] CIN/LLPIN of Corporate Debtor: [auto populate] ICD: [auto populate] Filling for the year: Filling for the month: Whether any exclusion of period taken from AA (Y/N): If Yes, Period (in days) excluded by AA/ NCLAT/ Other Courts in CIRP period (Cumulative):

Whether any extensions taken from AA (Y/N): If Yes, Cumulative Period of extension granted by AA (in days):

Expected date of completion of CIRP period: (auto calculate)

Status of the Process: Ongoing/Stayed/Others (limited stay) If Stayed – Section A; If Ongoing – Section B; In case of limited stay – enable Section A & B both

Section A Stay on CIRP by any Court/Tribunal [Dropdown: Yes / No]

PART B: In case stay was reported in last month

• Whether Stay vacated during the month ? –If yes, attach copy of order
• Date of order
• Brief of order (Text – upto 200 words)
• Attach copy of order

If Ongoing – Section B

1. Status of the Ongoing Process – Dropdown (Going as per model timelines under reg. 40A/ Delayed)

2. If delayed, state reason thereof –Dropdown (Admission order received late/Stay by any Authority or Court/ Settlement between the parties under consideration/ RP replaced/Claims not received/ CoC not constituted/ RP not able to take custody of assets from ex-management/ RP not getting Information, records, cooperation from ex-management/ Assets, records seized, detained by government authorities/ Last date for submission of EOI extended/CoC not providing funds/ Delay in RFRP/ Time sought by PRAs beyond stipulated time/ CoC considering the resolution plan incl. negotiations with PRAs/Voting yet to be concluded/ CoC took considerable time for approval/ Others, please specify) – ALLOW MULTIPLE REASONS TO BE SELECTED

3. Latest Activity Completed – Dropdown (- Public announcement issued - Report certifying Constitution of CoC filed - Information Memorandum submitted to CoC - Expression of Interest invited - RFRP, including Evaluation Matrix and Information Memorandum issued - Resolution Plan submitted to CoC - Resolution Plan approved by CoC - Resolution Plan submitted to NCLT - Application for initiation of Liquidation process submitted to NCLT - Application for Withdrawal/ Settlement submitted to NCLT) – SHOW DATA OF ACTIVITIES FILLED IN PREVIOUS FORMS & ALLOW MULTIPLE ENTRIES FOR ALL THE ACTIVITY

4. Whether the periodicity of CoC meeting is as per regulations ? Yes/No, If No – state reasons

5. Meeting No. and Date of CoC Meeting conducted during the month

6. Whether composition of CoC changed during the month ? Yes/No (If yes, table below to be displayed for update) | S. No. | Name/Class of Creditor | Voting % | Amount of Admitted claim (In Rs.) | Category (Dropdown) | | :--- | :--- | :--- | :--- | :--- | | | This table to be auto populated from CP 1 or the latest monthly form (whichever is later); Editable | | | | | Total | | | | |

7. Cost Disclosures (cumulative figures to be updated by IP every month) –Total CIRP Cost (A=B+C): Process Related Costs (B): Going Concern Related Costs (C):

8. Remarks, if any regarding development in the process

Declaration I, [Name of IRP/RP] having IP registration number [Registration no.], was appointed as an Resolution Professional vide NCLT order, dated [ mention date] in application number [ mention application number] dated [mention date of appointment of RP], under section 22 of the Insolvency and Bankruptcy Code, 2016/ is functioning as Resolution Professional under Regulation 17(3). I declare that the contents of this form are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom.

*To be digitally signed/ e-signed by IP *IP registration number: Date: Place: