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Enumerate the various documents that required to be filed during a CIRP process.

Question

Enumerate the various documents that required to be filed during a CIRP process.

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Solution

The Corporate Insolvency Resolution Process (CIRP) requires several documents to be filed. Here are some of them:

  1. Application for initiation of CIRP: This is the first document that needs to be filed to initiate the process. It can be filed by the debtor or the creditor.

  2. Proof of claim: The creditors need to provide a proof of claim to establish the amount of debt owed by the debtor.

  3. Information Memorandum: This document contains all the necessary information about the debtor's business and assets. It is prepared by the resolution professional.

  4. Resolution Plan: This is a plan proposed by the resolution applicant detailing how the insolvency of the debtor can be resolved.

  5. Report of the resolution professional: This report is prepared by the resolution professional detailing the progress of the CIRP.

  6. Approval of the resolution plan: Once the resolution plan is approved by the committee of creditors, it needs to be filed with the National Company Law Tribunal (NCLT).

  7. Final report: After the completion of the CIRP, the resolution professional needs to file a final report with the NCLT.

Please note that the exact documents required may vary depending on the specific circumstances of the case.

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