Introduction Under the Insolvency and Bankruptcy Code, 2016 (IBC), the Corporate Insolvency Resolution Process (CIRP) is a time-bound mechanism managed by two distinct office-holders: the Interim Resolution Professional (IRP) and the Resolution Professional (RP). The process begins with an IRP, who takes immediate control of the debtor’s assets, stabilizes operations, verifies creditor claims, and forms…
Introduction The Insolvency and Bankruptcy Code, 2016 (IBC) has emerged as a cornerstone of India’s economic reforms, providing a unified and efficient framework for resolving corporate insolvency. At the heart of the Code lies the Corporate Insolvency Resolution Process (CIRP)—a time-bound and creditor-driven mechanism aimed at reviving distressed companies or, when revival is not possible,…
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