Guide
Resolution Process Roadmap
Who does what, and when — the Resolution Professional, the Committee of Creditors, and the possible outcomes.
Who does what, and when — the Resolution Professional, the Committee of Creditors, and the possible outcomes.
Once the Corporate Insolvency Resolution Process (CIRP) begins, control of the corporate debtor shifts away from its existing management. Understanding who holds what authority helps explain why the process moves the way it does.
Initially appointed as an Interim Resolution Professional (IRP), this person takes over the day-to-day running of the company, collates claims, and prepares the information memorandum that prospective resolution applicants will rely on. The Committee of Creditors can confirm the IRP as the permanent Resolution Professional (RP), or replace them.
Made up of the corporate debtor’s financial creditors, weighted by the value of their debt, the CoC is the primary decision-making body during CIRP. It approves or rejects resolution plans, decides on extensions, and can replace the Resolution Professional. Operational creditors do not vote on the CoC, though certain protections exist for how they’re treated under an approved resolution plan.
Any eligible party (subject to restrictions under Section 29A of the Code, which disqualifies certain persons, including those with a history of wilful default or certain past insolvency-related conduct) may submit a resolution plan proposing to take over and revive the corporate debtor.
CIRP typically ends one of three ways: a resolution plan is approved by the CoC (with at least 66% voting share) and then by the Adjudicating Authority, and the company continues under new ownership or management; no viable plan emerges, and the Adjudicating Authority orders liquidation; or, in some cases, the application is withdrawn under Section 12A before a resolution plan is voted on, typically once the underlying dispute with the applicant creditor is settled.
For a creditor, understanding this roadmap shapes expectations: filing a Section 7 or 9 application starts a process largely outside your direct control once the CoC is formed. For a company facing proceedings, it clarifies that resolution — not just liquidation — is the Code’s stated first preference, and cooperating early with the Resolution Professional is generally in the company’s own interest.
For the statutory timeframes governing each stage, see our CIRP Timeline Tool →. If a resolution plan isn’t approved in time, see our Liquidation Timeline →.