The CIRP is a process to explore measures to resolve the insolvency of corporate

debtor by its business, operational and financial restructuring by following the process

provided under the Code? The IRP, who is an independent insolvency professional,

invites interested persons to submit a resolution plan for corporate debtor. The

resolution plan of eligible resolution applicants is placed before CoC for voting. The plan

approved by members of CoC having 66% voting rights is presented to the NCLT. The

person whose plan is approved by NCLT will take over the corporate debtor.