Regulation 4A - Choice of authorised representative - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

1 [4A. Choice of authorised representative (1) On an examination of books of account and other relevant records of the corporate debtor, the interim resolution professional shall ascertain class(s) of creditors, if any. (2) For representation of creditors in a class ascertained under sub-regulation (1) in the committee, the interim resolution professional shall identify three insolvency professionals who are- (a) not his relatives or related parties; 2 [ (aa) having their addresses, as registered with the Board, in the State or Union Territory, as the case may be, which has the highest number of creditors in the class as per their addresses in the records of the corporate debtor: Provided that where such State or Union Territory does not have adequate number of insolvency professionals, the insolvency professionals having addresses in a nearby State or Union Territory, as the case may be, shall be considered; ] (b) eligible to be 3 [ resolution professional ] under regulation 3; and (c) willing to act as authorised representative of creditors in the class. (3) The interim resolution professional shall obtain the consent of each insolvency professional identified under sub-regulation (2) to act as the authorised representative of creditors in the class in Form AB of the 4 [ Schedule-I ] . ] ************ Notes 1. Inserted Vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 2. Inserted Vide Notification No. IBBI/2020-21/GN/REG064 dated 07-08-2020 3. Substituted vide Notification No. IBBI/2021-22/GN/REG075 dated 14-07-2021 before it was read as insolvency professionals 4. Substituted vide Notification No. IBBI/2022-23/GN/REG091 dated 13-09-2022 before it was read as, Schedule