The NCLT admits a company's insolvency application and the CIRP commences. Under Sections 17-20 of the IBC, 2016 the management of the corporate debtor during the moratorium is vested in:

Upon admission of the CIRP, Section 17 of the IBC vests the management of the corporate debtor in the RESOLUTION PROFESSIONAL (RP): the powers of the Board of Directors stand suspended, and the RP manages the affairs, files information, and runs the process. Section 21 then provides for constitution of the COMMITTEE OF CREDITORS (the financial creditors), which oversees the RP and approves resolution plans. The RP is appointed by the Adjudicating Authority after their nomination by the creditors. The Board, shareholders and general body thus cede management to the RP during the CIRP.