IBBI Proposes New Framework to Streamline Insolvency Compliance

The Insolvency Bankruptcy Board of India (IBBI) proposes changes to lower compliance burdens for insolvency professionals by simplifying and consolidating reporting processes. Stakeholders are invited to comment by July 1. The new framework aims to enhance efficiency by reducing data redundancy and moving to a monthly compliance reporting system.

In a significant move to streamline the insolvency process, the Insolvency Bankruptcy Board of India (IBBI) has proposed modifications to the corporate insolvency resolution process (CIRP) forms and compliance framework. The aim is to alleviate the compliance burden on insolvency professionals. Comments from stakeholders have been invited by July 1.

The proposed changes target reducing the amount of data and information required from insolvency professionals (IPs), thereby enhancing overall efficiency and cutting down on unnecessary redundancy. The IBBI has also suggested eliminating duplicate submissions by simplifying the reporting process.

This proposal, outlined in a discussion paper released on June 10, aims to centralize the compliance process by combining various reporting systems into a single, unified platform on the IBBI website. This centralization is intended to eliminate duplication and make access easier for stakeholders. Additionally, the move will shift compliance reporting to a monthly framework, where IPs will submit consolidated updates by the 10th of each month, enhancing planning and oversight capabilities.

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