The Insolvency and Bankruptcy Board of India (IBBI) organized their 11th conclave of Insolvency Professionals (IPs) at the India International Centre here on Saturday.

During this, discussion regarding review of various statutory forms to reduce the compliance requirements of IPs was held.

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In his address, Dr Bhushan Kumar Sinha, whole time member of IBBI highlighted the Board’s commitment to regulate simplification and ease of doing business.

Sinha emphasized on IBBI’s consultative transparent regulatory approach, which is in tune with Government’s shift towards trust-based, light-touch regulation.

The key initiatives discussed included the simplification of CIRP forms, the constitution of an expert committee to reduce compliance burdens and the launch of BAANKNET—a centralised e-auction platform.

Moreover, a presentation on ‘Reducing Compliance by Review of CIRP Forms submitted by Insolvency Professionals to IBBI’ was also discussed by Jithesh John, Executive Director, IBBI and Raghav Maheshwari, Manager, IBBI.

In another session, Pooja Bahry, Insolvency Professional gave a presentation on the recent regulatory changes and their practical implications.

Additionally, an interactive session was held, wherein suggestions and concerns raised by the IPs were discussed and noted for action, as appropriate in the matter.