CORPORATE
IBBI floats discussion paper to simplify forms, cut duplication & streamline processes
- IBJ Bureau
- Jun 12, 2024
The Insolvency and Bankruptcy Board of India (IBBI) has released a discussion paper on reducing compliance by reviewing forms submitted in the Corporate Insolvency Resolution Process (CIRP) by insolvency professionals (IPs) to the IBBI. The board has sought public comments by July 1, 2024.
The need for modifications in the CIRP forms has arisen to eliminate duplication of compliances and streamline the reporting requirements for IPs, the insolvency board has said. The IBBI highlights that this reform aims to make significant improvements by reducing the amount of information and data that IPs currently need to submit, with a special emphasis on removing duplication, making the reporting process simpler and more efficient.
It will also help adjust compliance deadlines to reduce the pressure caused by numerous frequently-overlapping submission dates, allowing IPs to manage their resources more effectively. The proposed changes will also simplify the compliance process by combining various reporting systems on insolvency professional agencies (IPAs) and IBBI websites into a single, centralised IBBI website, eliminating duplication and making it easier for stakeholders to access and use, the board adds.
“By significantly mitigating the compliance burden faced by IPs, it underscores a commitment to fostering a regulatory environment that is not only robust but also responsive to the evolving needs of stakeholders," the IBBI has said.
The Insolvency and Bankruptcy Board of India (IBBI) has released a discussion paper on reducing compliance by reviewing forms submitted in the Corporate Insolvency Resolution Process (CIRP) by insolvency professionals (IPs) to the IBBI. The board has sought public comments by July 1, 2024.
The need for modifications in the CIRP forms has arisen to eliminate duplication of compliances and streamline the reporting requirements for IPs, the insolvency board has said. The IBBI highlights that this reform aims to make significant improvements by reducing the amount of information and data that IPs currently need to submit, with a special emphasis on removing duplication, making the reporting process simpler and more efficient.
It will also help adjust compliance deadlines to reduce the pressure caused by numerous frequently-overlapping submission dates, allowing IPs to manage their resources more effectively. The proposed changes will also simplify the compliance process by combining various reporting systems on insolvency professional agencies (IPAs) and IBBI websites into a single, centralised IBBI website, eliminating duplication and making it easier for stakeholders to access and use, the board adds.
“By significantly mitigating the compliance burden faced by IPs, it underscores a commitment to fostering a regulatory environment that is not only robust but also responsive to the evolving needs of stakeholders," the IBBI has said.
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