{"id":15686,"date":"2021-03-27T10:34:17","date_gmt":"2021-03-27T05:04:17","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=15686"},"modified":"2024-06-04T12:48:57","modified_gmt":"2024-06-04T07:18:57","slug":"corporate-insolvency-resolution-process","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/corporate-insolvency-resolution-process\/","title":{"rendered":"Corporate Insolvency Resolution Process"},"content":{"rendered":"<h3 id=\"what\" style=\"text-align: justify;\"><b>What is Corporate Insolvency?\u00a0<\/b><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A Company is declared insolvent if it is unable to pay its debts to its creditors whether whole or any part or installment, when due and payable. Following test are there to check for corporate insolvency:\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Cash-Flow Test: Is the Company currently or in future will it be unable to pay its debts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Balance Sheet Test: Is number of its liabilities exceeds value of Company\u2019s assets after considering uncertain liabilities<\/span><\/li>\n<\/ul>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"padding: 10px;\"><strong>Table of Content<\/strong><\/p>\n<ul>\n<li><a href=\"#what\">What is Corporate Insolvency?\u00a0<\/a><\/li>\n<li><a href=\"#applicability\">Applicability of Insolvency and Bankruptcy Code, 2016:<\/a><\/li>\n<li id=\"applicability\"><a href=\"#intro\">Introduction to Corporate Insolvency Resolution Process<\/a><\/li>\n<li><a href=\"#initiate\">Who can initiate the Corporate Insolvency Resolution Process?<span style=\"font-weight: 400;\">\u00a0<\/span><\/a><\/li>\n<li><a href=\"#time\">Time Limit within which Corporate Insolvency Resolution Process should be completed<\/a><\/li>\n<li><a href=\"#process\">Corporate Insolvency Resolution Process<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"text-align: justify;\"><b>Applicability of Insolvency and Bankruptcy Code, 2016:<\/b><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The code extends to the Whole of India. Section 2 of the code states that the provisions of the code shall apply to the following person:\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any Company incorporated under the Companies Act, 2013 or any other previous law<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.investopedia.com\/articles\/investing\/090214\/limited-liability-partnership-llp-basics.asp\" target=\"_blank\" rel=\"noopener\">Limited Liability Partnership<\/a> incorporated under Limited Liability Partnership Act, 2008<\/span><\/li>\n<li id=\"intro\" style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.cagmc.com\/how-to-register-partnership-firm-in-jaipur\/\">Partnership Firms<\/a> and Proprietorship Firms<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any Individual Person<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Such other body incorporated under any law for the time being in force, as the Central Government may by notification specify on this behalf.\u00a0<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><b>Introduction to Corporate Insolvency Resolution Process<\/b><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Corporate Insolvency Resolution Process is the process of resolving the corporate insolvency of corporate debtors in accordance with the provisions of the code and it can be said it is the recovery mechanism for creditors.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" id=\"initiate\" class=\"alignnone wp-image-15688 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/Corporate-Insolvency-Resolution-Process.png\" alt=\"Corporate Insolvency Resolution Process\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/Corporate-Insolvency-Resolution-Process.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/Corporate-Insolvency-Resolution-Process-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/Corporate-Insolvency-Resolution-Process-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/Corporate-Insolvency-Resolution-Process-768x403.png 768w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/Corporate-Insolvency-Resolution-Process-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/Corporate-Insolvency-Resolution-Process-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/Corporate-Insolvency-Resolution-Process-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h3 style=\"text-align: justify;\"><b>Who can initiate the Corporate Insolvency Resolution Process?<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The corporate insolvency resolution process can be initiated by defaulting debtor by the following parties:\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Financial Creditor<\/b><span style=\"font-weight: 400;\">: Under sec 7 of Insolvency and Bankruptcy Code, Financial Creditor who can initiate insolvency proceedings is Individual money lender, banks, NBFC etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Operational Creditor<\/b><span style=\"font-weight: 400;\">: Under sec 9 of Insolvency and Bankruptcy Code, Operational Creditor who can initiate insolvency proceedings is supplier of goods or\/and services.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Corporate Debtor<\/b><span style=\"font-weight: 400;\">: Under sec 10 of Insolvency and Bankruptcy Code, Corporate debtor includes a Company\/LLP who owes debt to any person.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Note:- <\/span><b>Meaning of Financial Creditor<\/b><span style=\"font-weight: 400;\">&#8211; Any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to.<\/span><\/p>\n<p id=\"time\" style=\"text-align: justify;\"><b>Meaning of Operational Creditor<\/b><span style=\"font-weight: 400;\">:- Any person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred.<\/span><\/p>\n<p style=\"text-align: justify;\"><b>Meaning of Corporate Debtor<\/b><span style=\"font-weight: 400;\">:- Any corporate person who owes a debt to any person. In simple terms, who accepted\/took a money loan from any person.\u00a0<\/span><\/p>\n<h3 style=\"text-align: justify;\"><b>Time Limit within which Corporate Insolvency Resolution Process should be completed<\/b><\/h3>\n<p id=\"process\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">CIRP shall be completed within a period of 180 days from the date of admission of such application to initiate CIRP. One time extension of 90 days may be granted by the adjudicating authority. 330 days is the maximum time limit within which CIRP has to be mandatorily completed, including any extension or litigation period.\u00a0<\/span><\/p>\n<h3 style=\"text-align: justify;\"><b>Corporate Insolvency Resolution Process<\/b><\/h3>\n<p><img decoding=\"async\" class=\"alignnone wp-image-15690 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process.png\" alt=\"Corporate Insolvency Resolution Process\" width=\"1414\" height=\"2000\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process.png 1414w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process-212x300.png 212w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process-724x1024.png 724w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process-768x1086.png 768w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process-1086x1536.png 1086w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process-1260x1782.png 1260w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process-615x870.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process-400x566.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process-292x413.png 292w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/03\/CIRP-Process-1320x1867.png 1320w\" sizes=\"(max-width: 1414px) 100vw, 1414px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Corporate Insolvency?\u00a0 A Company is declared insolvent if it is unable to pay its debts to its creditors [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":15688,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Corporate Insolvency Resolution Process - Goyal Mangal &amp; Company<\/title>\n<meta name=\"description\" content=\"Read about Corporate Insolvency Resolution Process. 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