Aim: Proper monitoring of progress of CIRP
Result/Impact: Regulation 40B of the CIRP regulations require an IRP/RP to file a set of forms (CIRP 1 to CIRP 6) within seven days of completion of specific activities. This implies that a Form (CIRP 1 to CIRP 6) would not be filed until the related activity is not completed for whatever reason.
Below table explains the timelines for regular filing of CIRP 7 for better understanding (assuming T as Insolvency Commencement date):
| S. No. | CIRP Activity | Form to be filed | Timelines | Timeline for filing first CIRP (assume it as ‘X’) | Timeline for subsequent CIRP |
| 1 | Public Announcement | CIRP 1 | T+3 days | (T+3 days)+3 days | X+30, X+60, X+90 days and so on till activity is completed |
| 2 | Appointment of RP | CIRP 2 | T+30 days | (T+30 days) + 3 days | X+30, X+60, X+90 days and so on till activity is completed |
| 3 | Issue Information Memorandum (IM) | CIRP 3 | Date of public announcement + 51 days | (Date of public announcement + 51 days) + 3 days | X+30, X+60, X+90 days and so on till activity is completed |
| 4 | Issue request for Resolution Plans (RFRP) | CIRP 4 | Date of issue of IM + 51 days | (Date of issue of IM + 51 days) + 3 days | X+30, X+60, X+90 days and so on till activity is completed |
| 5 | CIRP completion | CIRP 5 | T+180 days | (T+180 days) + 3 days | X+30, X+60, X+90 days and so on till activity is completed |
Important areas to be filled in CIRP 7:
(a) Purpose of filing – which timeline missed
(b) Reasons for delay within the specified categories
(c) IRP/RP remarks/comments
Source: IBBI Circular IBBI/CIRP/41/2021 dated March 18, 2021
Reference: 1. IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021 dated March 15, 2021 – Regulation 40B of CIRP regulations require filing of Form CIRP 7 within three days of due date of completion of any activity (CIRP 1 to 6), and continue to file Form CIRP 7 every 30 days, until the said activity remains incomplete. (refer update)
2. IBBI Circular IBBI/CIRP/023/2019 dated August 14, 2019 – Detailing Form IP 1 & CIRP 1 to 6 for intimating all CIRP progress