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