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Insolvency and Bankruptcy Code: Committee of Creditors

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Insolvency and Bankruptcy Code: Committee of Creditors

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Questions and Answers

What is the responsibility of the interim resolution professional and resolution professional during the CIRP?

They are responsible for appointing the committee of creditors

They are responsible for filing claims on behalf of the stakeholders

They are responsible for finalizing the insolvency resolution plan

They are responsible for compliance with legal requirements on behalf of the corporate debtor (correct)

What forms are prescribed for submission of claims by different stakeholders?

Form A, Form B, Form C

Form B, Form C, Form CA (correct)

Form D, Form E, Form F

Form C, Form D, Form E

How is the committee of creditors constituted during the CIRP?

By the financial creditors directly

By the interim resolution professional collating all claims (correct)

By the National Company Law Tribunal (NCLT)

By the corporate debtor's management team

Can a financial creditor who is a related party of the corporate debtor participate or vote in the committee of creditors?

No, they are not allowed to participate in the committee Signup and view all the answers

What information does the notice for the meeting contain?

Agenda, list of issues to be voted upon, and relevant documents Signup and view all the answers

Is physical presence mandatory for a member of the committee of creditors to cast a vote?

No, electronic participation is allowed Signup and view all the answers

How does the resolution professional take the vote of the committee of creditors?

By electronic voting system after the meeting Signup and view all the answers

How is the authorised representative for the class of creditors appointed?

Chosen by the resolution professional Signup and view all the answers

What happens if the corporate debtor owes financial debts to multiple financial creditors as part of a consortium or agreement?

Each financial creditor becomes part of the committee of creditors and their voting share is based on the financial debts owed to them. Signup and view all the answers

What happens if the corporate debtor does not have any financial creditors or if all financial creditors are related parties?

The committee of creditors only comprises operational creditors as per regulation 16 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Signup and view all the answers

Who are the members of the committee of creditors when it consists only of operational creditors?

Eighteen largest operational creditors by value or all operational creditors if they are less than eighteen in number, a representative elected by workmen other than those included in the eighteen largest, and a representative elected by all employees other than those included in the eighteen largest. Signup and view all the answers

How is the resolution professional appointed by the committee of creditors?

The resolution professional is appointed by the National Company Law Tribunal (NCLT). Signup and view all the answers