The Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) is a structured mechanism to resolve insolvency issues of corporate debtors.

Here's an overview of the CIRP advisory process:
1-Initiation of CIRP: CIRP can be initiated by a financial creditor, an operational creditor, or the corporate debtor itself by filing an application with the National Company Law Tribunal (NCLT) upon default.
2-Admission and Appointment of Interim Resolution Professional (IRP): Upon admission of the application, the NCLT appoints an Interim Resolution Professional (IRP) to take control of the debtor's assets and operations.

3-Public Announcement and Claims Collection:The IRP makes a public announcement to invite claims from creditors. Creditors submit their claims to the IRP for verification.
4-Formation of Committee of Creditors (CoC):The IRP verifies the claims and constitutes the Committee of Creditors (CoC), which includes all financial creditors.
5-Appointment of Resolution Professional (RP)The CoC may confirm the IRP as the Resolution Professional (RP) or appoint a new RP to manage the resolution process.
6-Preparation and Approval of Resolution Plan:The RP invites resolution plans from potential investors or bidders. These plans are evaluated and the best plan is selected and approved by the CoC.
7-Implementation of Resolution Plan:Once approved by the CoC and the NCLT, the resolution plan is implemented. This may involve restructuring the debt, selling assets, or other measures to revive the company.
8-Monitoring and Compliance:The RP monitors the implementation of the resolution plan and ensures compliance with the terms agreed upon.
Closure of CIRP:

Upon successful implementation of the resolution plan, the NCLT closes the CIRP. If the resolution plan fails, the company may proceed to liquidation.
This process helps in resolving insolvency in a time-bound manner, ensuring the revival of the company or recovery of dues for creditors