TMI BlogApproval of committee of creditors for certain actions [ Section 28 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... for the time being in force, the resolution professional (RP), during the corporate insolvency resolution process, shall not take any of the following actions without the prior approval of the committee of creditors (CoC) namely:- (a) raise any interim finance in excess of the amount as may be decided by the committee of creditors in their meeting; (b) create any secu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority to any other person; (i) dispose of or permit the disposal of shares of any shareholder of the corporate debtor or their nominees to third parties; (j) make any change in the management of the corporate debtor or its subsidiary; (k) transfer rights or financial debts or operational debts under material contracts otherwise than in the ordinary cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... six per cent of the voting shares. Effect of action taken by RP without approval of the CoC [ Section 28(4) ] Where any action under section 28(1) is taken by the resolution professional without seeking the approval of the committee of creditors in the manner as required in this section, such action shall be void. CoC may report action of RP [ Section 28(5) ] ..... X X X X Extracts X X X X X X X X Extracts X X X X
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