IBBI introduced a simplified CIRP reporting framework, reducing forms from 9 to 5 (CP-1 to CP-5) and adopting monthly reporting to ease compliance and improve efficiency

IBBI mandated exclusive use of the Baanknet platform for liquidation auctions from 1 April 2025, requiring bidders to submit eligibility documents and EMD online, with forfeiture for ineligible bidders.

IBBI mandated detailed disclosure of carry forward losses in the Information Memorandum, requiring a dedicated section with quantum, breakdown, timelines, or explicit nil disclosure.

IBBI mandated IPs to register all assignments on its portal across processes, including personal guarantors and FSPs, within specified timelines to ensure better tracking and compliance.

IBBI mandated compulsory use of the eBKray platform for auctioning liquidation assets from 1 April 2025 and required all unsold assets in ongoing cases to be listed by 31 March 2025.

IBBI extended the deadline for filing liquidation and voluntary liquidation forms to 31 March 2025 and directed IPs to ensure accurate, truthful, and complete information in submissions.

IBBI extended the deadline for filing liquidation and voluntary liquidation forms to 31 December 2024 and clarified responsibility lies with the IP handling or who handled the process at key stages.

IBBI mandated listing of liquidation assets on the eBKray platform to improve transparency and bidder participation, requiring timely uploads and enabling optional use for auctions from 1 November 2024.

IBBI extended the deadline for filing liquidation forms to 30 November 2024, considering technical issues and representations from liquidators and Insolvency Professional Agencies.

IBBI mandated a unique VRIN for all valuation reports under IBC, requiring valuers to generate and display it, and IPs to accept only reports with VRIN for authenticity and verification.

IBBI introduced a mandatory Valuation Report Identification Number (VRIN) for valuation reports under IBC, requiring RVs/RVEs to generate and mention it, ensuring authenticity and enabling verification.

IBBI introduced mandatory electronic VL forms (VL-1 to VL-4) for voluntary liquidation, requiring timely online filing by IPs to improve efficiency, transparency, and accuracy, with liability for non-compliance.

IBBI introduced mandatory electronic LIQ forms (LIQ-1 to LIQ-4) for liquidation reporting, requiring timely online filing by IPs to improve efficiency, transparency, and accuracy, with penalties for non-compliance.

IBBI directed Insolvency Professionals to upload key judicial orders from NCLT/NCLAT, High Courts, and Supreme Court on its portal to ensure timely access and transparency for stakeholders.

IBBI withdrew “amount realised” and “fee period” provisions of its 28 Sept 2023 circular per Bombay High Court ruling, allowing IPs to comply with remaining provisions by 31 May 2024.

IBBI directed liquidators to share progress reports with SCC, involve them in preliminary reports, and submit Form H, final report, and closure/dissolution order to IBBI, enhancing transparency and stakeholder participation.

IBBI clarified that liquidators must deposit unclaimed amounts in the Corporate Voluntary Liquidation Account and apply to the Board for withdrawal requests before dissolution for distribution to stakeholders.

IBBI mandated that Financial Service Providers can undergo voluntary liquidation only if notified and approved by the regulator, and liquidators must confirm compliance and submit Form H, final report, and dissolution order to IBBI.

IBBI directed that Resolution Professionals must share their Section 99 report with both debtor and creditor in all cases, ensuring transparency and equal access to information during the insolvency process.

IBBI clarified that IPs may assist in resolution plan implementation if provided in the approved plan, and invoices for professional services may be raised in the name of the professional, IPE, or their firm.