IBBI has proposed a Creditor-Led Resolution Process, or CLRP, as a new approach to address challenges in corporate insolvency
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The Insolvency and Bankruptcy Board of India (IBBI), recognising the growing need for an out-of-court resolution mechanism within the existing insolvency framework, has proposed a Creditor-Led Resolution Process (CLRP) as an alternative model for resolving corporate distress. The proposed framework gained its fundamental elements from various sources i.e., the RBI Framework 2019 and other existing ‘out-of-court’ creditor-led processes in India, international models of ‘out-of-court’ insolvency resolution, and practical insights from the implementation of the Corporate Insolvency Resolution Process…
