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Share This - x Insolvency & Bankruptcy Code, 2016 ( IBC ) is a legislation aimed at timely resolution of an entity ( corporate debtor ) which has defaulted in payment to its creditors (including the statutory authorities). The corporate debtor has to undergo baptism by fire in the form of a Corporate Insolvency Resolution Process ( CIRP ). Once the corporate debtor is admitted into CIRP, it is the duty of the resolution professional to collate all the outstanding claims from all classes of creditors against the corporate debtors. It is only once all such claims have been crystallised, that the IBC allows for interested parties ( resolution applicant ) to submit their respective resolution plans which include the treatment of the aforesaid claims. These plans are then put to vote before the body of financial creditors ( Committee of Creditors / CoC ) who then vote for the most commercially viable resolution plan. The successful resolution plan then carries through the

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