9911796707
TMI BlogAuthorised representativeX X X X Extracts X X X X X X X X Extracts X X X X ..... me stipulated in the public announcement. ] (2) The interim resolution professional shall apply to the Adjudicating Authority for appointment of the authorised representatives selected under sub-regulation (1) within two days of the verification of claims received under sub-regulation (1) of 7 [ regulation 12: ] 8 [ Provided that till the application for appointment of the authorised representative for a class of creditors is under consideration before the Adjudicating Authority, the insolvency professional selected under sub-regulation (1) shall act as an interim representative for such class of creditors, and shall be entitled to attend the meetings of the committee and shall have such rights and duties as that of an authorised representa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in each class to the respective authorised representative as and when the list is updated. Clarification: The authorised representative shall have no role in receipt or verification of claims of creditors of the class he represents. (6) The interim resolution professional or the resolution professional, as the case may be, shall provide electronic means of communication between the authorised representative and the creditors in the class. (7) The voting share of a creditor in a class shall be in proportion to the financial debt which includes an interest at the rate of eight per cent per annum unless a different rate has been agreed to between the parties. 4 [ (8) (a) The authorised representative of creditors in a class shall be entitled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered as voting instructions by the creditors. ]] 5 [ (10) The authorised representative shall: - (a) assist the creditors in a class he represents in understanding the discussions and considerations of the committee meetings and facilitate informed decision-making; (b) review the contents of minutes prepared by the resolution professional and provide his comments to the resolution professional, if any; (c) help the creditors in a class he represents during the consultations made by the resolution professional to prepare a strategy for marketing of the assets of the corporate debtor in terms of sub-regulation (1) of regulation 36C; (d) work in collaboration with the creditors in a class he represents to enhance the marketability of the asset ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 3. Inserted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 4. Substituted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 before it was read as, (8) The authorised representative of creditors in a class shall be entitled to receive fee for every meeting of the committee attended by him in the following manner, namely: - Number of creditors in the class Fee per meeting of the committee (Rs.) 10-100 15,000 101-1000 20,000 More than 1000 25,000 5. Inserted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 6. Substitut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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