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of <h1>CoC's Role in CIRP: Evaluating Debtor Viability and Approving Resolution Plans under IBC to Avoid Liquidation.</h1> The Committee of Creditors (CoC) is a crucial decision-making body in the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). It evaluates the viability of the corporate debtor and determines how to resolve its financial distress. The CoC supports the Resolution Professional (RP) in maximizing asset value. The Interim Resolution Professional (IRP) initially forms the CoC after assessing the debtor's financial position. The CoC approves or rejects resolution plans, which must comply with IBC regulations and ensure creditor dues are addressed. The process aims to resolve insolvency without liquidation, subject to approval by the National Company Law Tribunal (NCLT).
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