Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 Chapter IV MEETINGS OF COMMITTEE AND VOTING
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Majority approval required for committee decisions; trustee must run votes, circulate minutes, and record outcomes. Regulation 25 requires the bankruptcy trustee to conduct votes after discussion, prepare and electronically circulate minutes within forty eight hours, ... Summary
Majority approval required for committee decisions; trustee must run votes, circulate minutes, and record outcomes.
Regulation 25 requires the bankruptcy trustee to conduct votes after discussion, prepare and electronically circulate minutes within forty eight hours, solicit electronic votes from absent creditors with voting open for at least twenty four hours, record final decisions with creditor votes after the voting period, and circulate that record within twenty four hours; committee decisions require approval by a majority of the voting share of creditors who voted unless the Code provides otherwise.
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