Rule 5 - Directions at hearing of the application

Directions for corporate compromise hearings must cover meeting classes, notice, chairperson, voting methods and reporting timelines.

Rule 5 requires the Tribunal, on hearing an application under section 230, to give directions on convening stakeholder meetings: determining classes of creditors or members (or dispensing with meetings), fixing time and place, appointing chairperson and scrutinizer with terms and remuneration, fixing quorum and voting procedures including electronic voting under rule 20 of the Companies (Management and Administration) Rules, 2014, determining values of creditors or members for meetings, specifying notice and advertisement requirements, directing notices to sectoral regulators where required, and setting the time for the chairperson to report meeting results to the Tribunal.