What this covers: A chronological reference of every key milestone in the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), from application filing to resolution plan approval or liquidation. Day counts are calculated from the Insolvency Commencement Date (ICD), the date of the NCLT’s order admitting the Section 7, 9, or 10 application.
Primary statutory references: IBC 2016 (Sections 7, 9, 10, 12, 13, 14, 15, 16, 17, 18, 20, 21, 22, 23, 25, 29, 29A, 30, 31, 33); IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016 (CIRP Regulations).
Timeline Reference
| Day / Period | Milestone | Statutory Reference |
|---|---|---|
| **Pre-ICD** | Filing of Section 7/9/10 application with NCLT | S. 7, 8, 9, 10 IBC |
| **Pre-ICD** | NCLT has 14 days from filing to admit or reject application (Section 7); 14 days for Section 9 | S. 7(4), 9(5) IBC |
| **Day 0 (ICD)** | **NCLT Order of Admission**, CIRP commences; Insolvency Commencement Date | S. 5(12) IBC |
| **Day 0** | **Moratorium commences**, Section 14 moratorium stays all proceedings against corporate debtor, including SARFAESI, DRT suits, court proceedings, transfers of assets | S. 14 IBC |
| **Within 3 days of ICD** | **Public Announcement**, Interim Resolution Professional (IRP) issues public announcement inviting creditors to submit claims; published in newspapers | S. 15, Reg. 6 CIRP Regs |
| **Day 0** | **IRP Appointment**, IRP named in NCLT order (proposed by applicant in Form 1/Form 5); takes over management of corporate debtor | S. 16, 17 IBC |
| **Day 14 from Public Announcement** | **Deadline for submission of claims**, creditors must submit their claims (financial, operational, workmen, employees) to the IRP by this date | Reg. 6(2)(c) CIRP Regs |
| **Within 30 days of ICD** | **Constitution of Committee of Creditors (CoC)**, IRP constitutes CoC comprising all financial creditors; verified claims list | S. 21(1) IBC |
| **First CoC meeting** | **Confirmation of IRP as Resolution Professional (RP) OR replacement of IRP by new RP**, CoC decides at first meeting whether to confirm IRP as RP (requires at least 66% vote by value) | S. 22 IBC |
| **Within 7 days of constitution of CoC** | **Appointment of RP**, NCLT appoints RP based on CoC’s recommendation | S. 22, 23 IBC |
| **Day 105 from ICD (approximate)** | **Information Memorandum prepared**, RP prepares Information Memorandum (IM) about the corporate debtor for prospective resolution applicants | S. 29, Reg. 36 CIRP Regs |
| **Days 1-105 approximately** | **RP issues Request for Resolution Plans (RFRP)**, published on IBBI website and through invitation to prospective resolution applicants; sets out process, timelines, and evaluation matrix | Reg. 36A CIRP Regs |
| **Day 180 from ICD** | **Statutory CIRP period expires**, if no resolution plan is approved by CoC and submitted to NCLT within 180 days, the RP must apply to NCLT for liquidation | S. 12(1), 33(1) IBC |
| **Extension possible to Day 270** | **Extension by CoC resolution**, CoC may, by 66% vote, apply to NCLT for extension of up to 90 days beyond 180 days | S. 12(2) IBC |
| **Overall maximum: Day 330** | **Hard outer limit**, total CIRP period including extensions and excluding time spent in judicial processes must not exceed 330 days from ICD | S. 12(3) IBC (as amended) |
| **CoC voting threshold** | **Approval of Resolution Plan**, requires approval of at least 66% of CoC members by value | S. 30(4) IBC |
| **After CoC approval** | **Submission of approved Resolution Plan to NCLT**, RP submits the approved resolution plan for NCLT confirmation | S. 30(6) IBC |
| **NCLT confirmation** | **NCLT approves Resolution Plan**, NCLT examines compliance with Section 30(2) requirements; if compliant, approves; plan becomes binding on all stakeholders | S. 31 IBC |
| **Day 180 / 270 / 330 (if no plan)** | **Liquidation order**, if no resolution plan is received or approved, NCLT orders liquidation of the corporate debtor | S. 33 IBC |
| **Post-Liquidation Order** | **Liquidator appointed**, NCLT appoints liquidator; liquidation proceedings commence under Chapter III of IBC; waterfall under Section 53 applies | S. 34, 53 IBC |
Important Notes
What the moratorium covers (Section 14):
- Institution of suits/proceedings against the corporate debtor
- Execution of judgments, decrees, and orders against the corporate debtor
- Transfer, encumbrance, alienation, or disposal of assets of the corporate debtor
- Recovery of property in possession of the corporate debtor
What the moratorium does NOT cover:
- Criminal proceedings
- Transactions entered into pursuant to the resolution plan
- Enforcement of any security interest by the IRP/RP under a resolution plan
Section 53 Waterfall, priority of payment in liquidation:
- IBBI and insolvency resolution costs (including IRP/RP fees)
- Workmen’s dues (up to 24 months preceding liquidation) and secured creditors
- Wages and unpaid dues of employees
- Financial debts owed to unsecured creditors
- Government dues (taxes, rates, cesses)
- Remaining debts and dues
- Preference shareholders
- Equity shareholders
This resource is for general information purposes only and does not constitute legal advice. For advice on your specific situation, seek appropriate professional counsel.
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