TMI BlogAuthorised representativeX X X X Extracts X X X X X X X X Extracts X X X X ..... red. (2) The interim resolution professional shall apply to the Adjudicating Authority for appointment of the authorised representatives selected under sub-regulation (1) within two days of the verification of claims received under sub-regulation (1) of regulation 12. (3) Any delay in appointment of the authorised representative for any class of creditors shall not affect the validity of any decision taken by the committee. 3 [ (3A) The financial creditors in the class, representing not less than ten per cent. voting share may seek replacement of the authorised representative with an insolvency professional of their choice by making a request to the interim resolution professional or resolution professional who shall circulate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The voting share of a creditor in a class shall be in proportion to the financial debt which includes an interest at the rate of eight per cent per annum unless a different rate has been agreed to between the parties. 4 [ (8) (a) The authorised representative of creditors in a class shall be entitled to receive fee for every meeting of the committee attended by him in the following manner, namely: - Number of creditors in the class Fee per meeting of the committee (Rs.) 10-100 30,000 101-1000 40,000 More than 1000 50,000 (b) The authorised representative shall be entitle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, namely: - Number of creditors in the class Fee per meeting of creditors in class with authorised representative (Rs.) 10-100 10,000 101-1000 12,000 More than 1000 15,000 (c) The payment of fee to authorised representative shall be part of insolvency resolution process cost in respect of two meeting with the creditors he represents corresponding to a meeting of the committee of creditors. (d) The fee for any additional meeting beyond two meetings corresponding to a meeting of the committee of creditors shall be part of insolvency resolution process cost subject to approval ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution applicants; (f) ensure that the creditors in a class he represents have access to any information or documents required to form an opinion on issues discussed in the committee meetings; (g) update regularly the creditors in a class he represents on the progress of the corporate insolvency resolution process; (h) make suggestions for modifications of the resolution plan as may be required by the creditors in class he represents; (i) record proceedings and prepare the minutes of the meeting with the creditors in a class he represents; and (j) act as a representative for the creditors in a class he represents in representations before the Adjudicating Authority, National Company Law Appellate Tribunal, and other regu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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