The Insolvency and Bankruptcy Code (Amendment) Act, 2021

Difference between PIRP and CIRP

• The CIRP provides for a threshold of 270-days for insolvency resolution proceedings. This period may also exceed as CIRP is often put down by various litigations. Whereas the PIRP provides a maximum 90 days to stakeholders to bring a resolution plan for approval before the NCLT.
• In case of PIRP, the existing management takes control whereas, in the ....