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of <h1>Resolution Professional Needs 66% Creditor Approval for Major Actions under Insolvency and Bankruptcy Code, 2016 Section</h1> During the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, a resolution professional must obtain prior approval from the committee of creditors for specific actions. These actions include raising interim finance beyond a specified amount, altering the corporate debtor's capital structure, engaging in related party transactions, and making significant management changes, among others. Approval requires a 66% vote from the committee. Any unauthorized actions taken without this approval are void, and the committee may report such actions to the Board for necessary measures.
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