As per Sub-regulation 3 of regulation 40B of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for the Corporate Persons) Regulations, 2016, an IP shall ensure that the Forms and its enclosures filed under this regulation are accurate and complete. Sub- regulation (4) enables to modify either by way of correction or updation of a Form already filed upon payment of a fee. A feature has been enabled by the Insolvency and Bankruptcy Board of India for the modification of Form which has already been submitted.
An IP may modify a Form which has already been submitted by him/her, by submitting a modified Form on the platform upon payment of an applicable fee. However, for modification of this modified Form shall not attract any fee to be paid till 31st March, 2020. The IPs are advised to exercise due diligence and care while submitting a Form in order to avoid its modification in the near future in order to save time, money & efforts. In circumstances, where there is a failure on the part of the IPs to modify the forms or in case of a failure to file a Form in time will not reflect well on him/her and may invite any action to be taken for non-compliance with sub-regulation (3)
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