Consider corporate insolvency resolution process (CIRP). If a corporate becomes insolvent, a financial creditor, an operational creditor, or the corporate itself may initiate CIRP.As stated in its preamble, the Insolvency and Bankruptcy Code, 2016 (Code) provides for re-organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner for maximisation of value of assets. It envisages specific roles for each participantthe stakeholders comprising debtors and creditors, and the ecosystem comprising Adjudicating Authority (AA), Insolvency and Bankruptcy Board of India (IBBI), information utilities, and insolvency professionalsin different processes and specifies timelines fo…
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