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Consideration of matters / issues by the committee of creditors on request by members of the committee. - Insolvency and Bankruptcy - IBBI/CIRP/2021

Extract

..... the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) provides that a resolution professional (RP) may convene a meeting of the committee of creditors (CoC), when he considers it necessary. He shall, however, convene a meeting of the CoC, if a request to that effect is made by members of the CoC representing 33% of the voting rights. 2. Regulation 19 of the CIRP Regulations requires a notice in writing for calling a meeting of the CoC. Regulation 21 .....

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Consideration of matters / issues by the committee of creditors on request by members of the committee. - Insolvency and Bankruptcy

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..... place the note for consideration in a meeting of the CoC, if it is already scheduled. 2 Members of the CoC having at least 33% of the voting rights request the RP, along with a note, to place the note for consideration in a meeting of the CoC. The RP shall place the note for consideration in the ensuing meeting of the CoC. 3 Members of the CoC having less than 33% of the voting rights request the RP, along with a note, to convene a meeting of the CoC The RP shall consider the request expeditious .....

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Consideration of matters / issues by the committee of creditors on request by members of the committee. - Insolvency and Bankruptcy

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