Definition
The time-bound insolvency resolution process under the IBC triggered when a Corporate Debtor defaults on a financial or operational debt of ₹1 crore or more. The CIRP must be completed within 180 days (extendable to 330 days). A moratorium is imposed during CIRP, and a Committee of Creditors takes over decision-making.
Need Expert Advice on CIRP (Corporate Insolvency Resolution Process)?
For specific advice on how CIRP (Corporate Insolvency Resolution Process) applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates