CIRP.App - Compliance Automation For Corporate Insolvency Resolution Process
CIRP is a legal process that aims to resolve insolvency cases for corporate entities. The objective of CIRP is to provide an efficient and time-bound mechanism for resolving insolvency cases while maximizing the value of the assets of the corporate debtor. The process is governed by the Insolvency and Bankruptcy Code, 2016 (IBC), which provides a comprehensive framework for insolvency resolution in India.
Benefits of Our Platform
Our CIRP platform optimizes the entire claims verification process for all relevant stakeholders. With our application, claimants can submit their claims electronically and receive updates on their status in real-time. This eliminates the need for physical documents and reduces the time and cost associated with traditional claims resolution processes. The application also streamlines the verification process by allowing creditors to access relevant information about the debtor's financial situation and assets. This enables them to make informed decisions about the viability of their claims and speeds up the overall resolution process. Our application ensures transparency and fairness in the claims resolution process, benefiting both creditors and debtors.
Our UI makes it very easy to submit, review, and finalize respective claims in a automated part.
2. Reduced Manual Intervention
We have integrated Artificial Intelligence and Data Analytics into the platform to help us automate and reduce the overall turnaround time for each case.
Metrics for Tracking Progress
The platform has an in-built reporting module for generating alerts and other relevant reports.
Ease of Communication
We use an alert/notification system through the platform to keep the claimant constantly updated with regard to their claim. Further, the platform provides collaborative messaging forums for seamless communication between all stakeholders.
Initiation of CIRP
The first stage of the CIRP process is the initiation of proceedings. This can be done by the financial creditor, operational creditor, or corporate debtor itself. Once an application is filed, the National Company Law Tribunal (NCLT) has to admit or reject the application within 14 days. If the application is admitted, a moratorium period of 180 days is imposed on the corporate debtor, during which no legal action can be taken against it. Our application automates the initiation process, allowing for seamless filing of applications and faster processing times.
Admission and Appointment of Resolution Professional
Once an application is admitted, the NCLT appoints a resolution professional (RP) to manage the affairs of the corporate debtor during the CIRP process. The RP is responsible for conducting a thorough investigation of the debtor's assets and liabilities and preparing a detailed information memorandum (IM) that outlines the financial position of the company.
Resolution Plan and Approval
The resolution plan is a crucial part of the CIRP process, as it outlines the proposed restructuring or liquidation of the corporate debtor. The RP is responsible for inviting bids from potential buyers or investors and evaluating them based on various parameters such as feasibility, viability, and maximization of value. Once a resolution plan is approved by the Committee of Creditors (CoC) and the NCLT, it is binding on all stakeholders involved in the CIRP process.
Implementation and Monitoring
The final stage of the CIRP process is the implementation and monitoring of the resolution plan. Once the plan is approved, the RP is responsible for ensuring its proper execution, and reporting progress to the CoC and NCLT on a regular basis. Our application provides a dashboard for real-time monitoring of the implementation process, along with key performance indicators (KPIs) such as financial metrics, operational efficiency and stakeholder satisfaction. By leveraging data analytics, we can identify potential roadblocks and provide actionable insights to ensure timely and effective implementation of the resolution plan