Regulation 18 - Meetings of the committee. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

CHAPTER VI MEETINGS OF THE COMMITTEE 1 [18. Meetings of the committee. 3 [ (1) A resolution professional shall convene a meeting of the committee before lapse of thirty days from the last meeting: Provided that the committee may decide to extend the interval between such meetings subject to the condition that there shall be at least one meeting in each quarter. ] (2) A resolution professional may convene a meeting, if he considers it necessary, on a request received from members of the committee and shall convene a meeting if the same is made by members of the committee representing at least thirty three per cent of the voting rights. 2 [Explanation : For the purposes of sub- regulation (2) it is clarified that meeting (s) may be convened under this sub-regulation till the resolution plan is approved under sub-section (1) of section 31 or order for liquidation is passed under section 33 and decide on matters which do not affect the resolution plan submitted before the Adjudicating Authority. ] (3) A resolution professional may place a proposal received from members of the committee in a meeting, if he considers it necessary and shall place the proposal if the same is made by members of the committee representing at least thirty three per cent of the voting rights. ] 4 [ (4) Where the corporate debtor has any real estate project, the committee may direct the resolution professional to invite the competent authority as defined in clause (p) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016) related to such project to attend such meeting(s) of the committee, as the committee may decide, without voting rights, for providing inputs on matters associated with the development of such project. ] 5 [ (5) The committee may direct the resolution professional to invite the providers of interim finance to attend as observers without voting rights, such meeting(s) of the committee, as the committee may decide. ] *************** NOTES:- 1 . Substituted vide F. No. IBBI/2021-22/GN/REG/080 dated 09-02-2022 before it was read as Meetings of the committee. 18. A resolution professional may convene a meeting of the committee as and when he considers necessary, and shall convene a meeting if a request to that effect is made by members of the committee representing thirty three per cent of the voting rights. 2 . Inserted vide Notification No. IBBI/2022-23/GN/REG093 dated 16-09-2022 3 . Substituted vide Notification No. IBBI/2023-24/GN/REG113 dated 15-02-2024 before it was read as, (1) A resolution professional may convene a meeting of the committee as and when he considers necessary. 4 . Inserted vide F. No. IBBI/2024-25/GN/REG122 dated 03-02-2025 5 . Inserted vide F. No. IBBI/2025-26/GN/REG127 dated 26-05-2025