IBBI Rolls Out CP Forms – Streamlining CIRP Reporting

Circular No. IBBI/CIRP/85/2025; Dated: 26.05.2025

1. Why a New CIRP Forms Framework?

The Insolvency and Bankruptcy Board of India (IBBI) has overhauled the Corporate Insolvency Resolution Process (CIRP) filing system to cut duplication, move to monthly digital reporting, and lighten the compliance load on Insolvency Professionals (IPs). A circular issued on 19 May 2025 amends the CIRP Regulations to replace the nine-form pack (IP-1 + CIRP 1-8) with five streamlined “CP” forms.

2. Transition Rules for Ongoing & Closed CIRPs

• Ongoing as on 1 June 2025

1. 1. Skip CP-1/CP-2 only if their predecessor forms were already filed.
   2. Must file CP-3A, CP-3B, CP-4 and start CP-5 cycle.

• Cases closed on or before 31 May 2025

3. Compliance Checklist (Quick-Start)

1. Update your calendar – block the 10th of every month for CP-5.
2. Map each live CIRP to the CP form matrix above.
3. Create portal log-ins and ensure DSC/e-sign is active.
4. Archive proof of any old form already filed—this determines whether CP-1 or CP-2 can be skipped.
5. Aim to submit all backlog data well before 30 September 2025 to avoid a post-grace penalty shock.

4. Conclusion

The new CP-form framework is a decisive push toward leaner, tech-enabled compliance. For IPs it means fewer uploads and clearer deadlines; for IBBI it means better-quality, standardised data. Use the three-month grace window wisely and you’ll glide into the monthly CP-5 rhythm with no penalties or last-minute stress.

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