CHALLENGES FOR IPs

They would have to operate under a new set of laws which are a sharp departure from existing ones

» The bankruptcy law requires the IPs to complete the resolution process within a tight deadline of 180 days

» They need to take over the reins of the company during the resolution process and run it like a going concern

» Understanding the business model of the company they would be taking over and making the staff work according to a plan

» They may face resistance from the promoter and the staff of the defaulting corporate debtor