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of <h1>Section 21: Formation and Composition of Creditors' Committee in Insolvency Process Requires 51% Voting Share Approval</h1> Section 21 of the Insolvency and Bankruptcy Code, 2016, outlines the formation and composition of the committee of creditors during the corporate insolvency resolution process. The interim resolution professional forms this committee by including all financial creditors of the corporate debtor, except those who are related parties. Financial creditors in a consortium or agreement have voting shares based on the debts owed to them. Operational creditors who transfer debts to financial creditors are recognized as operational creditors to that extent. The section also details the roles of authorized representatives and the voting process, requiring decisions to be made by at least 51% of the voting share.
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