Corporate Insolvency Resolution Process (CIRP) is a recovery mechanism for creditors. If a corporate becomes insolvent, a financial creditor, an operational creditor, or the corporate itself may initiate CIRP.

After making an application to respective National Company Law Tribunal (NCLT), CIRP is initiated once the application is approved by the NCLT. CIRP is the process through which Insolvency professional takes controls of all assets of the corporate debtor and will evaluate the assets and liabilities to determine the repayment capability and simultaneously also continues the affairs of the Company and seek for appropriate resolution applicant who can buy the business of the company. If company is not capable of repaying the debt after completion of CIRP period, the company is liquidated with the approval of NCLT.

As an Insolvency professional following services are offered by us:

  • Assisting in sending legal notices to the corporate debtor for initiation of CIRP if payment is not done within stipulated time period
  • Providing consent to act as Interim Resolution Professional if CIRP is initiated
  • Filling an application with NCLT for initiation of CIRP
  • Public Announcement in newspapers for Initiation of CIRP
  • Verification of claims filled by creditors of Corporate Debtor
  • Coordination with committee of creditors mostly banks and financial institutions for successfully finding a resolution applicant for the corporate debtor and recover the dues of banks and operational creditors.
  • Preparation of Information Memorandum
  • Preparation of Evaluation Matrix for selection of Resolution Applicant
  • Preparation of application for Expression of Interest as Resolution Applicant
  • Preparation of Resolution plan for Resolution Applicant
  • Representing class of creditors in case of Real Estate Companies