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TMI BlogCommittee of creditors.X X X X Extracts X X X X X X X X Extracts X X X X ..... on, participation or voting in a meeting of the committee of creditors. 2[Provided further that the first proviso shall not apply to a financial creditor, regulated by a financial sector regulator, if it is a related party of the corporate debtor solely on account of conversion or substitution of debt into equity shares or instruments convertible into equity shares 7[or completion of such transactions as may be prescribed,] prior to the insolvency commencement date.] (3) 3[Subject to sub-sections (6) and (6A), where] the corporate debtor owes financial debts to two or more financial creditors as part of a consortium or agreement, each such financial creditor shall be part of the committee of creditors and their voting share shall be dete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial creditors jointly or severally. 5[(6A) Where a financial debt- (a) is in the form of securities or deposits and the terms of the financial debt provide for appointment of a trustee or agent to act as authorised representative for all the financial creditors, such trustee or agent shall act on behalf of such financial creditors; (b) is owed to a class of creditors exceeding the number as may be specified, other than the creditors covered under clause (a) or sub-section (6), the interim resolution professional shall make an application to the Adjudicating Authority along with the list of all financial creditors, containing the name of an insolvency professional, other than the interim resolution professional, to act as their author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution professional to furnish any financial information in relation to the corporate debtor at any time during the corporate insolvency resolution process. (10) The resolution professional shall make available any financial information so required by the committee of creditors under sub-section (9) within a period of seven days of such requisition. ******* Notes ** Come into the force w.e.f. 01-12-2016 [F. N. 30/7/2016-Insolvency] S.O. 3594(E) dated 30-11-2016 1. Substituted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 before it was read as "related party to whom a corporate debtor owes a financial debt" 2. Inserted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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