An Interim Resolution Professional is appointed who has the power to take over the company affairs of the defaulted company. In turn the Interim Resolution Professional; to initiate a plan that is feasible for both the debtors and the creditors. a skeletal graph of what enfolds after Insolvency is provided here along with relevant provisions of the Insolvency and Bankruptcy Code.
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The provided graph discusses the various statutes involved after passing of a corporate insolvency resolution process order; further after acceptance of a fit resolution plan the company will be put into Liquidation process. Which will further ensure distribution of assets and check is the company could be revived. The next write up will majorly discuss about the theoretical aspects and will also provide for a basic explanation of the statutes provided.
