Corporate Insolvency Resolution Process (CIRP)

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Source: Corporate Insolvency Resolution Process (CIRP)

In the event where the firm is critically facing financially difficult times, the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, tends to provide a structured approach within specified time limits. CIRP basically emphasizes the revival of the firm by shielding the firm from any sort of litigation, appointing the Resolution Professional, and allowing the creditors to propose the feasible resolution plan.