The Full Form of CIRP is Corporate Insolvency Resolution Process.

Corporate Insolvency Resolution Process (CIRP) is a recovery mechanism for creditors. If a corporate becomes insolvent, a financial creditor, an operational creditor, or the corporate itself may initiate CIRP.

• Financial Creditor could be any person to whom a business debt is owed or a person to whom such amount is legally assigned or transmitted. For example: Banks or other financial institutions

• Operational Creditor could be any person to whom an operational debt is owed and includes any person to whom such amount has been legally assigned or transferred for goods or services done by them. For example: vendors and suppliers, employees, government etc.