Constitution & Meeting of Committee of creditors [ Section 54I ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Constitution Meeting of Committee of creditors Constitution of committee of creditor [ Section 54I(1) ] (1) The resolution professional shall, constitute a committee of creditors, within seven days of the pre-packaged insolvency commencement date, based on the list of claims confirmed under clause (a) of section 54F(2). Provided that the composition of the committee of creditors shall be altered on the basis of the updated list of claims, in such manner as may be specified, and any such alteration shall not affect the validity of any past decision of the committee of creditors. First meeting of committee of creditor held [ Section 54I(2) ] (2) The first meeting of the committee of creditors shall be held within seven days of the constitution of the committee of creditors. (3) Provisions of section 21 , except sub- section (1) thereof, shall, mutatis mutandis apply , in relation to the committee of creditors under this Chapter: Provided that for the purposes of this sub- section , references to the resolution professional under sub-sections (9) and (10) of section 21 , shall be construed as references to corporate debtor or the resolution professional Power to make Regulation [ Section 240 ] As per Clause (zkn) section 240(2) the manner of alteration of the composition of the committee of creditors under the proviso to sub- section (1) of section 54I.