The corporation shall have full power and authority to put into effect and carry out a plan of reorganization and the decrees and orders of the court or judge. Examples include appointing officers, approving financial statements, authorizing contracts, and declaring dividends.(a) Filing of Motion. The movant must file a motion, proposed order, and supporting brief with the clerk of the Bankruptcy Court. In this guide, we'll walk you through 10 steps to file your Pennsylvania bankruptcy without a lawyer. The Corporate Insolvency Resolution Process (CIRP) is a recovery mechanism made available to creditors (IBC). The insolvency space is extremely fertile, especially in a market economy. It acquires richness, depth and maturity with every transaction. A case commenced against it) under the U.S. Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up, composition or. The Corporate Insolvency Resolution Process (CIRP) is a recovery mechanism for the creditors of a corporate debtor.