The Insolvency and Bankruptcy Code provides for conducting a corporate debtor's corporate insolvency resolution process. CIRP aims to resolve issues with defaulting companies quickly and keep them operating.This guide will help you understand the resolution process. The Corporate Insolvency Resolution Process (CIRP) is a recovery mechanism made available to creditors (IBC). The IBC's corporate insolvency resolution process. The resolution of insolvency and liquidation process for all corporate debtors is set out in Part. CIRP is the process of resolving the corporate insolvency of a corporate debtor in accordance with the provisions of the Code.