HOW INDIA STACKS UP

INDIA

Resolution professionals appointed; promoters and board of directors lose control over company Resolution professional invites bids Resolution professional looks for best bid; runs background check on applicants

Resolution professional places best plan for creditors’ approval The US

Promoters continue to run the company during the resolution process

Trustees are appointed to assist promoters in running the company

Only unsecured creditors form Committee of Creditors Court invites resolution plan Debtor company has to submit a resolution plan to court The UK

Administrator appointed once proceedings begin

Administrator prepares plan and brings on-board investors Plan can be that of the promoter Places it for creditors’ approval