Committee approval required for specified actions by the resolution professional; unauthorized acts are void and reportable. The resolution professional must secure prior committee approval before undertaking specified major actions-including raising interim finance beyond committee limits, creating security over assets, altering capital or ownership structure, directing significant debits, related party transactions, managerial or auditor changes, transfers outside the ordinary course, or personnel appointment changes-and must convene the committee to vote; actions taken without the required committee approval are void and may be reported to the Board.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Committee approval required for specified actions by the resolution professional; unauthorized acts are void and reportable.
The resolution professional must secure prior committee approval before undertaking specified major actions-including raising interim finance beyond committee limits, creating security over assets, altering capital or ownership structure, directing significant debits, related party transactions, managerial or auditor changes, transfers outside the ordinary course, or personnel appointment changes-and must convene the committee to vote; actions taken without the required committee approval are void and may be reported to the Board.
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