According to the amended Insolvency and bankruptcy board of India IBI regulations, 2016 resolution professionals RP will be required to inform the educating authority about the avoidance transaction of a corporate debtor to bring more discipline, transparency, and accountability to the corporate insolvency process. This amendment requires resolution professionals to file form CIRP 8 on the website of the board providing intimating details of his determination and opinion concerning the avoidance transaction on or before the 140th day of the commencement date of Insolvency. The amendment also states that the interim resolution professional or resolution professional may appoint any professional Even if the person is not the Registered Valuers if the resolution professional is of opinion that his service is required and that service is not available with the corporate debtor. The objective and transparent process must be followed in such appointments and the fees of the professional are to be paid in his bank account.

Insolvency and bankruptcy board of India has issued a circular dated 20th July 2021 concerning the filling of form CIRP 8 under IBBI ( Insolvency Resolution Process for corporate person) regulations, 2016. The Resolution professional needs to form an opinion on transactions covered under sections 43, 45,50, and 66 By the 75th day and need to decide about such transactions by the 115th day, the resolution professionals also need to apply to the adjudicating authority By the 135th day of the insolvency commencement date as per regulation 35A of IBBI (Insolvency Resolution Process for corporate person Regulations, 2016 (CIRP Regulations). The resolution professional needs to file form CIRP 8 providing details of his opinion as per sub-regulation 1B of regulation 40 be of the CIRP regulations under regulation and determination Under regulation 35 a by 140th day of insolvency commencement date. for all corporate Insolvency resolution processes is ongoing or commencing on or after July 14th, 2021 the form CIRP 8 is required to be filed.

The circular issued on July 20th, 2021provides an annexure for the format of the form. Like any other CIRP form, it has been directed by the Insolvency and bankrupt board of India that the CIRP 8 form is to be filed as per regulation 40B of the CIRP Regulations on the IBBI Board’s website. The circular is issued section 196 of sub-section 1 under clauses (aa), (g), (h) and (k) of the IBC, 2016 (Insolvency and Bankruptcy Code,2016) read with CIRP Regulations (regulations 40B).

CIRP 8 Form includes details of the Insolvency professional, details of the corporate debtor, and details of preferential and other transactions. The attachment includes working of Potential loss to creditors that is given under section 66(2) and the documents that the RP to undertake exercise under 35A Regulations. The attachment also includes a declaration about the contents of the Form being correct and true and denying any material concealment.

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