Do not renew domain name on time?
Whenever a particular domain name is not renewed till the Expiry date, it would slip into the Renewal Grace Period. This Renewal Grace Period would be for 40* days (for most domain name extensions).
All such domain names would be put on a Temporary Commercial Parking Page, which would indicate that the domain name has Expired. During this period, any website and mails associated with the domain name would become non-functional.
To know how to renew the Domain Name Click Renew Domain Name
After you have Renewed the domain name, it would take around 24-48 hours for DNS propagation to complete World-wide and the actual website to start resolving properly and mails to be received on the domain name.
What happens after Renewal Grace Period?
If you do not Renew the domain name in the Renewal Grace Period, then the domain name would be in Pending Delete Restorable Status. This is the last stage before the complete deletion of the domain name. This state may complete within a few days (may be 4 or 5 days). After this state the domain will be open to all for registration ie. it may fall into commom pool.