Navigating the Insolvency Resolution Process (CIRP)

The Corporate Insolvency Resolution Process (CIRP) is a crucial mechanism under the Insolvency and Bankruptcy Code (IBC) aimed at reviving distressed companies. For directors and creditors, understanding the nuances of this process is essential for protecting their interests.

The Role of the Resolution Professional (RP)

Once the CIRP is initiated, an Interim Resolution Professional (IRP) is appointed to manage the affairs of the corporate debtor. The IRP’s primary role is to ensure that the company remains a going concern while a resolution plan is being formulated.

The Committee of Creditors (CoC)

The CoC is the supreme decision-making body during the CIRP. It consists of financial creditors who vote on critical matters, including the approval of the resolution plan and the appointment of the final RP.

Achieving Transparency with SocietyLink

SocietyLink’s CIRP module provides a centralized platform for tracking claims, managing CoC meetings, and conducting secure voting. This ensures that every step of the resolution process is documented and transparent, complying with NCLT requirements.