Corporate Insolvency Resolution Process (CIRP)
The time-bound process under the IBC for resolving insolvency of a corporate debtor, culminating in a resolution plan or liquidation.
Relevant Legislation
- The Insolvency and Bankruptcy Code, 2016
Frequently Asked Questions
What is the corporate insolvency resolution process?
The CIRP under the Insolvency and Bankruptcy Code is a time-bound process triggered by a financial or operational creditor's default claim, during which a resolution professional manages the corporate debtor's affairs while the Committee of Creditors considers a resolution plan or, failing that, liquidation.
General legal information for reference only, reviewed for accuracy but not a substitute for advice from a qualified advocate on your specific facts.