CIRP (Corporate Insolvency Resolution Process)

The Corporate Insolvency Resolution Process (CIRP) is a legal procedure in India designed to help struggling companies facing financial difficulties. When a company cannot repay its debts, CIRP allows it to reorganize and restructure under the supervision of a tribunal. A professional called an Insolvency Resolution Professional (IRP) is appointed to manage the process, which includes evaluating the company’s assets and liabilities, and negotiating with creditors. The goal is to either revive the company or facilitate its orderly closure, ensuring fair treatment for all stakeholders while maximizing the value of the business.