Committee of creditors assistance when non-bank creditors hold dominant voting share through observer participation and recorded observations. Where creditors other than a scheduled bank or a public financial institution hold more than sixty-six per cent of the voting share in the committee of ... Summary
Committee of creditors assistance when non-bank creditors hold dominant voting share through observer participation and recorded observations.
Where creditors other than a scheduled bank or a public financial institution hold more than sixty-six per cent of the voting share in the committee of creditors, the resolution professional must invite the five largest unrelated operational creditors, including the three largest authorities to whom statutory dues are owed, to attend committee meetings as observers without voting rights. Their observations, if any, must be recorded in the minutes of the committee meetings.
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