Committee of Creditor controls approval of resolution plans, directing insolvency strategy, creditor repayment priorities and oversight of the RP. The Committee of Creditor (CoC) is constituted by the IRP after collating claims and assessing the corporate debtor's financial position; it may confirm or replace the IRP as RP and holds primary authority to approve or reject resolution plans, directing commercial strategy to maximize asset value. The RP administers the CIRP, replaces the board on appointment, collects information and manages claims. A moratorium restrains asset transfers and litigation during CIRP. Resolution plans must secure repayment priorities, ensure operational creditors receive at least liquidation entitlement, and address resolution costs, and CoC approved plans require sanction by the Adjudicating Authority.