Aim: To ensure filing of authentic information with IBBI and further enable IBBI to share information relating to the application for initiation of CIRP with the IU efficiently

Result/Impact: The format for filing application for initiating CIRP against a corporate debtor, inter alia, to the Board, before filing the same with the Adjudicating Authority has been revised.
IBBI has also given step-by-step guide for submission of the application. On submission of the application online, the applicant shall get an acknowledgment. The applicants are encouraged to avail of this facility.

Source: IBBI Circular No. IBBI/LAD/58/2023 dated March 4, 2023

Reference: IBBI Circular No. IBBI/IU/51/2022 dated June 15, 2022
IBBI had earlier decided to forward all the applications received for initiating insolvency to the Information Utility (IU) and, the IU is required to
(a) inform other creditors of the CD by sharing the application;
(b) issue notice to the applicant, requiring it to file ‘information of default’ as per IU Regulations; and
(c) process the ‘information of default’ for the purpose of issuing ROD as per the IU