March 18, 2020
Summary of Circular issued by IBBI on 17/03/2020
1. Feature for modification of CIRP Forms submitted by an Insolvency Professional (IP)
IBBI has now enabled a feature on the platform to facilitate the Insolvency Professionals to modify an already filed form. The modification shall not be subject to additional fees until March 31, 2020.However, the Board vide this circular has advised IPs to exercise due care and diligence while submitting a Form to avoid modification. They are also advised to submit the Forms in time. Modification of Forms or failure to file a Form in time does not reflect well on an IP and may invite action for non-compliance with Regulation 40B (3) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.This circular is integrated with the IB Code and is available on our website CAIRR (www.ca2013.com).