{"id":7361,"date":"2020-04-01T19:22:24","date_gmt":"2020-04-01T13:52:24","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=7361"},"modified":"2020-04-01T19:22:24","modified_gmt":"2020-04-01T13:52:24","slug":"corporate-insolvency-resolution-process","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/corporate-insolvency-resolution-process\/","title":{"rendered":"Corporate Insolvency Resolution Process"},"content":{"rendered":"<section class=\"hero-section\" data-type=\"type-1\" data-alignment=\"left\">\n<header class=\"entry-header\"><span style=\"color: #0000ff;\"><strong>Relevance: Prelims: Economy<\/strong><\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/image.slidesharecdn.com\/insolvencyresolutionprocessinindia-190108071326\/95\/corporate-insolvency-resolution-process-ppt-5-638.jpg?cb=1546931677\" alt=\"Corporate Insolvency Resolution Process PPT\" \/><\/p>\n<p><strong>Why in news?<\/strong><\/p>\n<\/header>\n<\/section>\n<div class=\"entry-content\">\n<p>\u2022 The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) on 29th March 2020.<\/p>\n<p><b>About:<\/b><\/p>\n<p>\u2022 It provides that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for any activity that could not be completed due to the lockdown, in relation to a corporate insolvency resolution process.<\/p>\n<p>\u2022 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.<\/p>\n<p>\u2022 The CIRP may include necessary steps to revive the company such as raising fresh funds for operation, looking for new buyer to sell the company as going concern.<\/p>\n<p>\u2022 CIRP in a case under Insolvency and Bankruptcy Code, 2016 (IBC) needs to be completed in 330 days including time taken for litigation.<\/p>\n<\/div>\n<p><span style=\"color: #0000ff;\"><strong>For more such notes, Articles, News &amp; Views Join our Telegram Channel.<\/strong><\/span><\/p>\n<p><span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" title=\"Telegram Link\" href=\"https:\/\/t.me\/triumphias\" target=\"_blank\"><strong>https:\/\/t.me\/triumphias<\/strong><\/a><\/span><\/p>\n<p><span style=\"color: #0000ff;\"><strong>Click the link below to see the details about the UPSC \u2013Civils courses offered by Triumph IAS.<\/strong> <\/span><span style=\"color: #ff0000;\"><strong><a style=\"color: #ff0000;\" href=\"https:\/\/triumphias.com\/pages-all-courses.php\">https:\/\/triumphias.com\/pages-all-courses.php<\/a><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Relevance: Prelims: Economy Why in news? \u2022 The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and<\/p>\n","protected":false},"author":1,"featured_media":7214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[123],"tags":[392],"class_list":["post-7361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","tag-union-public-service-commission-upsc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/7361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=7361"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/7361\/revisions"}],"predecessor-version":[{"id":7362,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/7361\/revisions\/7362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/7214"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=7361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=7361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=7361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}