First meeting of the committee of creditors [ Section 24(1)&(2) ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Meeting of committee of creditors Conduct the meeting of creditors [ Section 24(1) (2) ] The members of the committee of creditors may meet in person or by such electronic means as may be specified. [ Sub section (1) ] All meetings of the committee of creditors shall be conducted by the resolution professional. [ Sub section (2) ] First meeting of the committee [ Regulation 17 ] (1) The interim resolution professional shall file a report certifying constitution of the committee to the Adjudicating Authority within two days of the verification of claims received under regulation 12(1) . (1A) The committee and members of the committee shall discharge functions and exercise powers under the Code and these regulations in respect of corporate insolvency resolution process in compliance with the guidelines as may be issued by the Board. (2) The interim resolution professional shall hold the first meeting of the committee within seven days of filing the report under this regulation. (3) Where the appointment of resolution professional is delayed, the interim resolution professional shall perform the functions of the resolution professional from the fortieth day of the insolvency commencement date till a resolution professional is appointed under section 22 . When to convene committee of creditors [ Regulation -18 ] (1) A resolution professional may convene a meeting of the committee as and when he considers necessary. (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 33% of the voting rights. Explanation : For the purposes of regulation 18(2) it is clarified that meeting (s) may be convened under this sub-regulation till the resolution plan is approved under section 31(1) 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 33% of the voting rights. Notice period for meetings of the committee - Regulation 19 Period of Notice Subject to this Regulation, a meeting of the committee shall be called by giving not less than five days notice in writing to every participant, at the address it has provided to the interim resolution professional or the resolution professional, as the case may be, and such notice may be sent by hand delivery, or by post but in any event, be served on every participant by electronic means in accordance with Regulation 20. Reduce the period of notice The committee may reduce the notice period from five days to such other period of not less than 24 hours , as it deems fit: The committee may reduce the period to such other period of not less than 48 hours if there is any authorised representative.