IBBI Revises Format For Submitting CIRP Application

Insolvency & Bankruptcy Board of India (IBBI) released a revised format for applicants to submit an application for initiating a corporate insolvency resolution process (CIRP) against a corporate debtor before filing the same with the adjudicating authority.

The format has been revised to ensure filing of authentic information with the insolvency regulator and further enable the board to share information related to the application for initiation of CIRP with the information utility efficiently, C. Ramachandra Rao, general manager at IBBI, said in a circular.

The revised format consists of:

• Details of application

• Details of applicant/s

• [Option to add multiple applicants]

• Details of person, if any, authorized to file the application

• Details of corporate debtor against which CIRP is to be initiated

• Details of insolvency professional, if any, proposed as interim resolution professional

The application to IBBI can be submitted by filing Form 1A online with all annexures, according to the circular.

The regulator said IBBI had decided to forward all the applications received for initiating insolvency to National E-Governance Services Ltd. (NeSL), India's first information utility via an order in June 2022.

NeSL is required to inform other creditors of the corporate debtor by sharing the application, issue notice to the applicant, requiring it to file ‘information of default’ as per information utility regulations, and process the ‘information of default’ for the purpose of issuing records of default.

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