Insolvency Resolution

Efficient Dispute Resolution with

Quick Resolve

At QuickResolve Professionals Pvt. Ltd., we specialize in guiding businesses through the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Our goal is to facilitate timely and effective resolutions, ensuring the protection of stakeholders’ interests and the revival of financially distressed companies.

Understanding the Corporate Insolvency Resolution Process (CIRP)

CIRP is a structured legal framework established to address insolvency and bankruptcy situations, primarily focusing on the revival of distressed companies. The process aims to maximize the value of assets and balance the interests of all stakeholders involved.

Key Stages of CIRP

Initiation of CIRP

Application Filing: CIRP can be initiated by financial creditors, operational creditors, or the corporate debtor itself by filing an application with the National Company Law Tribunal (NCLT) upon default of payment of ₹1 lakh or more.

Admission Decision: NCLT reviews the application and admits or rejects it within 14 days of filing.

Appointment of Interim Resolution Professional (IRP)

Once CIRP is initiated, an IRP is appointed to oversee the company’s operations, manage assets, and protect the interests of stakeholders during the resolution process.

Declaration of Moratorium

A moratorium is imposed, halting all legal actions against the company, preventing asset transfers, and maintaining the status quo to facilitate the resolution process.

Formation of Committee of Creditors

The IRP constitutes the CoC, comprising financial creditors who evaluate the company’s financial position and make critical decisions regarding the resolution plan.

Resolution Plan Development

The CoC invites resolution plans from potential resolution applicants.
Plans are evaluated based on their feasibility and alignment with stakeholder interests.
The CoC approves the preferred resolution plan by a majority vote.

Implementation of Resolution Plan

Upon NCLT’s approval, the resolution plan is implemented, aiming to revive the company’s operations and restore financial health.