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of <h1>Section 257 Companies Act omitted after IBC 2016, ending earlier framework for creditor committees in sick company revival</h1> Section 257 of the Companies Act, 2013, dealing with the committee of creditors in the context of revival and rehabilitation of sick companies, has been omitted by the Insolvency and Bankruptcy Code, 2016 with effect from 15-11-2016. Previously, it empowered an interim administrator to appoint a committee of creditors with up to seven members, ensuring representation of each class of creditors where possible. The interim administrator was authorised to regulate meetings, including procedures and appointment of a chairperson, and could require promoters, directors, or key managerial personnel of the company to attend meetings and provide necessary information.
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