Bankruptcy / Insolvency Law
Corporate Insolvency Resolution Process (CIRP)
A time-bound process under insolvency law where a company unable to pay its debts is either revived through a resolution plan, or pushed into liquidation.
CIRP is initiated before the National Company Law Tribunal, either by the company itself, a financial creditor, or an operational creditor, and involves an insolvency professional taking over management of the company while a resolution plan is worked out with creditors.
If no viable resolution plan is approved within the prescribed timeline, the company typically moves into liquidation, with its assets sold to repay creditors according to a specified priority.
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