By Dr. Hiteshkumar Thakkar

Evaluating the Corporate Insolvency Resolution Process (CIRP) using applied empirical research evaluates whether the stakeholders, such as Resolution Professionals, Committee of Creditors (CoCs), adjudicating authority and legal practitioners, are in tune with the mandate of the Insolvency and Bankruptcy Code (IBC). The CIRP is strictly timeframed, with the resolution plan to be completed within the stipulated time limit. In approving the resolution plan, the CoC adheres to the principles of natural justice and balances the interests of all stakeholders, including operational creditors. The CoC ensures a fair and efficient resolution process that maximises value for the corporate debtor and benefits all stakeholders involved. There are instances where suspended management consistently remains noncooperative, regardless of potential consequences. The National Company Law Tribunal (NCLT) is entrusted with the task of adjudicating all matters arising from the IBC. In this multifaceted CIRP mechanism, infrastructure enhancement, capacity building, and stakeholder engagement are opportunities to strengthen the adjudicatory framework and reduce delays in the CIRP and related processes. The study presents qualitative and quantitative evidence of how the Corporate Insolvency Resolution Process (CIRP) assesses the efficacy of the Insolvency and Bankruptcy Code (IBC) 2016 in the state of Gujarat, India. This research examines the operational issues and challenges under the IBC, focusing on how stakeholder dynamics and institutional constraints affect the insolvency resolution

Keywords: Applied empirical research, Corporate Insolvency Resolution Process (CIRP), Committee of Creditors (CoCs), operational creditors, suspended management

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