Corporate Insolvency Resolution Process (CIRP)

The Corporate Insolvency Resolution Process (CIRP) is a legal procedure to help a financially distressed company recover or wind up. When a company struggles to pay its debts, creditors can initiate CIRP to assess the company's financial situation. A insolvency professional is appointed to examine the company's assets and debts, plan a resolution, or decide on liquidation if recovery isn't possible. The goal is to protect the company's value, repay creditors fairly, and provide an orderly way to resolve financial difficulties. It's a structured process aimed at balancing the interests of all stakeholders involved.