CM Punk is currently taking time off to let some nagging injuries heal, but there's been some conflicting reports on when he's scheduled to return. While things could always change, this is the latest information available:
Initial reports claimed CM Punk could be out of action until SummerSlam, but WWE has him scheduled for several prior events this summer.
WWE has removed CM Punk from all Raw events until May 13th – a Monday in which Punk is advertised to appear on Raw that night. Following that event, Punk is scheduled for most Raw events throughout the summer.
As of now, CM Punk is not advertised for the Extreme Rules pay per view on May 19th. However, he is being promoted for the Payback, Money In The Bank and SummerSlam pay per views.
Finally, while Punk has been removed from all WWE house shows during this time off, he is being advertised for the Raw overseas tour in Japan and Australia this July.