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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. This approach does not immediately lead firms towards closure but helps in sustaining the values, jobs, along with reinstating the firm financially.

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Corporate Insolvency Resolution Process (CIRP)

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  1. CORPORATE INSOLVENCY RESOLUTION PROCESS (CIRP) Corporate Insolvency Resolution Process (CIRP) is a time-bound mechanism under the Insolvency and Bankruptcy Code, 2016 that addresses financial distress of companies in default. It focuses on resolving insolvency through creditor-approved resolution plans to revive the business before liquidation. CIRP is a time-bound legal process under the Insolvency and Bankruptcy Code, 2016 aimed at resolving corporate financial distress efficiently. Initiated by financial creditors, operational creditors, or the corporate debtor when default occurs. Adjudicated by the National Company Law Tribunal (NCLT) to ensure transparency and judicial oversight. Moratorium is imposed during CIRP, restricting recovery actions, litigation, or asset transfers. Resolution Professional (RP) manages the company and preserves its value during the process. Committee of Creditors (CoC) evaluates resolution plans and approves the most viable one. Strict timeline of 180–330 days ensures faster resolution and minimal value erosion. Focuses on revival rather than liquidation, protecting jobs, assets, and stakeholder interests. Promotes creditor confidence and ease of doing business in India. If no resolution plan is approved, liquidation follows as a last resort. SKMC Global assists businesses in the Corporate Insolvency Resolution Process (CIRP) by providing end-to-end advisory support, including strategic assessment, documentation, and coordination with Resolution Professionals and creditors. Their expert guidance ensures regulatory compliance, timely resolution, and value maximization while navigating CIRP under the Insolvency and Bankruptcy Code. www.skmcglobal.com +91 989-125-5499 info@skmcglobal.com

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