Functions, Powers and Duties Insolvency Resolution Process -EasyLegalTax
Insolvency Resolution Professional(“IRP”) has been given wide powers under the Insolvency and Bankruptcy Code, 2016 (“I & B Code”) so that he/she can conduct the Corporate Insolvency Resolution Process (“CIRP”) smoothly. Although the IRP is always under the supervision of the Committee of Creditors, Adjudicating Authority and Insolvency and Bankruptcy Board of India.
Corporate Insolvency Resolution Process -EasyLegalTax
After the admission of application for corporate insolvency, submitted to the Adjudicating Authority by the corporate debtor, financial creditor or operational creditor under section 7,9 or 10 of the Insolvency and Bankruptcy Code, 2016 (“I & B Code”), the Corporate Insolvency Resolution Process (“CIRP”) commences.