Regulation 25 - Voting by the committee. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

CHAPTER VII VOTING BY THE COMMITTEE Voting by the committee. 25. (1) The actions listed in section 28(1) shall be considered in meetings of the committee. (2) Any action other than those listed in section 28(1) requiring approval of the committee may be considered in meetings of the committee. 1 [ (3) The resolution professional shall take a vote of the members of the committee present in the meeting, on any item listed for voting after discussion on the same. ] (4) At the conclusion of a vote at the meeting, the resolution professional shall announce the decision taken on items along with the names of the members of the committee who voted for or against the decision, or abstained from voting. 3 [ (5) The resolution professional shall- (a) circulate the minutes of the meeting by electronic means to all members of the committee and the authorised representative, if any, within forty-eight hours of the conclusion of the meeting; and 4 [ (b) seek a vote of the members who did not vote at the meeting on the matters listed for voting, by electronic voting system in accordance with regulation 26 where the voting shall be kept open, from the circulation of the minutes, for such time as decided by the committee which shall not be less than twenty-four hours and shall not exceed seven days: Provided that on a request for extension made by a creditor, the voting window shall be extended in increments of twenty-four hours period: Provided further that the resolution professional shall not extend the voting window where the matters listed for voting have already received the requisite majority vote and one extension has been given after the receipt of requisite majority vote. ] (6) The authorised representative shall circulate the minutes of the meeting received under sub-regulation (5) to creditors in a class and announce the voting window at least twenty-four hours before the window opens for voting instructions and keep the voting window open for at least twelve hours. ] ********* Notes 1. Substituted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 before it was read as (3) Where all members are present in a meeting, the resolution professional shall take a vote of the members of the committee on any item listed for voting after discussion on the same. 2. Substituted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 before it was read as (5) If all members are not present at a meeting, a vote shall not be taken at such meeting and the resolution professional shall- (a) circulate the minutes of the meeting by electronic means to all members of the committee within forty eight hours of the conclusion of the meeting; and (b) seek a vote on the matters listed for voting in the meeting, by electronic voting system where the voting shall be kept open for twenty four hours from the circulation of the minutes. 3. Substituted vide Notification No. IBBI/2018-19/GN/REG032 dated 05-10-2018 before it was read as 2 [ (5) The resolution professional shall- (a) circulate the minutes of the meeting by electronic means to all members of the committee within forty-eight hours of the conclusion of the meeting; and (b) seek a vote of the members who did not vote at the meeting on the matters listed for voting, by electronic voting system in accordance with regulation 26 where the voting shall be kept open for twenty-four hours from the circulation of the minutes, for. ] 4. Substituted vide Notification No. IBBI/2023-24/GN/REG113 dated 15-02-2024 before it was read as, (b) seek a vote of the members who did not vote at the meeting on the matters listed for voting, by electronic voting system in accordance with regulation 26 where the voting shall be kept open for at least twenty-four hours from the circulation of the minutes.