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IBBI prescribes timelines for preservation of records relating to CIRP by Insolvency Professionals

January 5, 2021
The Insolvency and Bankruptcy Code read with various regulations require an insolvency professionals (IP) to maintain several records in relation to assignments conducted by him under Code. The board in consultation with IPAs and IPs directed IP to preserve copies of records generated in e-form for a minimum period of 8 yrs, from the date of completion of CIRP or conclusion of any proceeding relating to CIRP. Physical Copies shall be maintained for minimum 3 yrs from date of completion of CIRP.
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