Creditor-Initiated Insolvency Resolution Process: Starting Insolvency Without Going to the NCLT First
When a company defaults on a bank loan, the bank’s main insolvency route has been a Section 7 application before the NCLT, followed by a wait for admission. The IBC Amendment Act, 2026 adds a second route. Under the creditor-initiated insolvency resolution process (CIIRP), lenders can start insolvency themselves by appointing a resolution professional, and […]