The document summarizes key aspects of the Insolvency and Bankruptcy Code introduced in India in 2016. It outlines the process for initiating a corporate insolvency resolution process (CIRP) by financial creditors, operational creditors, or the corporate debtor itself. It describes the roles of the interim resolution professional, committee of creditors, and resolution plans. The document also discusses liquidation processes if no resolution plan is approved, including the liquidator inviting claims, verifying claims, and distributing assets according to priority. It concludes by noting companies can opt for voluntary liquidation and are dissolved once winding up is complete.