Corporate Insolvency Resolution Process (CIRP) — overview and timeline
Operational/financial creditor or corporate debtor files §7/§9/§10. NCLT admits → IRP appointed → CoC formed → 180+90 days (extendable to 330) to approve resolution plan.
Sign in to read the full answer
Create a free account — showcase questions, bookmarks, and progress tracking, at no cost.
Related questions
Ranked by topic overlap with this question.
Difference between Financial Creditor and Operational Creditor under IBC
Financial creditor: lender / debt with time-value (interest). Operational creditor: dues for goods/services, employees, tax. Different CIRP rights and CoC representation.
Role of Resolution Professional (RP) during CIRP
RP takes over management of corporate debtor, preserves assets, runs the company as a going concern, invites resolution plans and reports to CoC.
Liquidation under IBC — when and how
Triggered if CoC resolves with 66% vote, no plan approved within timelines, or plan is rejected. Liquidator distributes per §53 waterfall.
Pre-Packaged Insolvency Resolution Process (PPIRP) for MSMEs
Available only to corporate MSMEs. Debtor-in-possession with RP supervision; 120-day timeline; base resolution plan + Swiss challenge.
Moratorium under Section 14 of IBC
On CIRP admission, NCLT imposes moratorium: no suits, recovery, asset transfer, or termination of essential services against corporate debtor.