- by Ujjawal Priyadarshi and Tanushree Singhal, 3rd year students at Chanakya National Law University, Patna Introduction The Insolvency and Bankruptcy Code, 2016 , was framed as a relatively limited time-span system that is designed to rescue enterprises which are in a state of financial distress, as well as to extract the maximum value of the assets by the creditors. The Corporate Insolvency Resolution Process (CIRP) has tough time schedules, and creditors control procedures that help the...