Corporate Insolvency Resolution Process (CIRP): Insolvency and Bankruptcy Code

Insolvency and bankruptcy code is a law that is being proposed to combine and revise the laws concerning the restructuring and resolution of financially troubled companies, partnerships, and individuals within a specified time frame. The aim is to maximise the value of their assets, encourage entrepreneurship, facilitate access to credit, and ensure the fair treatment of all involved parties. This law also includes changes in the order of payment priority for government debts and the creation of an Insolvency and Bankruptcy Board of India. Additionally, it covers related matters and any ancillary issues. This report deals specifically with the corporate insolvency proceedings, and the details regarding the insolvency procedure regarding individuals, firms etc. are not included as a topic of discussion.