Standardised IBBI Formats for CIRP under the 2016 Regulations: Detailed Overview

The Insolvency and Bankruptcy Board of India (IBBI) has, through Circular No. IBBI/CIRP/94/2026 dated 02nd June, 2026, formally prescribed a complete suite of standard formats to be used under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. These formats incorporate the changes introduced by the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026.

Acting under the authority vested in it by Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (the “Code”), the IBBI has provided a set of mandatory forms intended to:

  • Harmonise the manner in which key Corporate Insolvency Resolution Process (CIRP) steps are documented,
  • Promote procedural uniformity across adjudicating authorities and stakeholders, and
  • Reduce ambiguity for Insolvency Professionals, Insolvency Professional Entities and Insolvency Professional Agencies in day‑to‑day compliance.

This circular applies to:

  • All registered Insolvency Professionals,
  • All recognised Insolvency Professional Entities, and
  • All registered Insolvency Professional Agencies,

and is disseminated via registered email as well as through publication on the IBBI’s official website.

Statutory Basis for the New Formats

Power of IBBI under the Code

The Board relies on its regulatory power under:

  • Section 196 of the Code – empowering IBBI to frame regulations and issue directions for insolvency processes, and
  • Section 240 of the Code – enabling IBBI to make regulations consistent with the Code for carrying out its provisions.

Read together with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”), as amended by the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2026, these provisions form the legal foundation for prescribing standard forms through a circular mechanism.

Note: The formats are not optional templates. They are prescribed forms under specific regulations and are intended to be strictly followed in all corresponding CIRP proceedings.

Complete List of Prescribed Forms and Their Purpose

The circular sets out a structured table identifying each form, the corresponding regulation, and a short description. Below is a detailed practitioner‑oriented explanation of these forms and how they fit into the overall CIRP lifecycle.

1. Form A – Public Announcement (Regulation 6)

Regulation 6 mandates a public announcement upon commencement of CIRP. Form A standardises:

  • The core information regarding initiation of CIRP for the corporate debtor,
  • The name and contact details of the Interim Resolution Professional (IRP),
  • The last date for submission of claims, and
  • Other disclosures needed to inform creditors and stakeholders.

Practical relevance:

  • Ensures that every public announcement carries uniform, essential details.
  • Helps creditors quickly identify relevant dates and contact modes.
  • Aids in consistent records before the Adjudicating Authority and IBBI.

Under Regulation 3(1A) and Regulation 3(1B), a Resolution Professional (RP) is required to give explicit written consent to assume the role. Form AA is the specified format for such consent.

It captures:

  • Confirmation by the proposed RP regarding eligibility,
  • Declaration of absence of conflict of interest and disciplinary proceedings, and
  • Affirmation of compliance with the Code and regulations.

Usage scenario:

  • When an IRP is proposed to be appointed as RP or when a new RP is proposed to replace the IRP.

Under Regulation 4A(3), an individual acting as an Authorised Representative (AR) for a class of creditors is required to provide written consent. Form AB is the prescribed format.

This form typically includes: