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ARTICLE · 19 SEPTEMBER 2018

IBC For Authorised Representative For Creditors

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The insolvency professional, who is the choice of the highest number of creditors in the class, is appointed as the authorised representative of the creditors of the respective class.

IndiaInsolvency/Bankruptcy/Re-Structuring
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S.S. Rana & Co. Advocates
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The enforcement of the Insolvency and Bankruptcy Code (hereinafter referred to as "IBC") has reinforced the resolution of insolvency in a time bound manner and for maximization of the value assets. In furtherance of a more organized resolution process, the Insolvency and Bankruptcy Board (hereinafter referred to as "IBBI") brought forth the Insolvency Resolution Process for Corporate Persons Regulations, 2016 (hereinafter referred to as the "Regulations").

Committee of Creditors

With a view to resolve the insolvency proceedings under IBC, the interim resolution professional (operational creditor initiating a corporate insolvency resolution process), shall after collation of all claims received against the corporate debtor and determination of the financial position of the corporate debtor, constitute a committee of creditors. [Section 9 (4) IBC].

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