The Insolvency and Bankruptcy Board of India (IBBI) on Friday has issued clarification regarding Consideration of matters / issues by the committee of creditors (CoC) on request by members of the committee. The members of the CoC having 33% of the voting rights may request the resolution professional (RP) to convene a meeting of the CoC. Such request shall include a note proposing the matters to be discussed or issues to be voted upon, along with relevant documents, if any.
On receipt of the request, the RP shall convene a meeting of the CoC for consideration of the note.
This clarification is issued on the basis of joint reading of the provisions of regulations 18, 19 and 21 of the CIRP Regulations.