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of <h1>Regulation 17 mandates timely constitution of Committee of Creditors and outlines interim resolution professional's duties in insolvency cases.</h1> Regulation 17 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, outlines the procedures for constituting the Committee of Creditors. The interim resolution professional is required to file a report certifying the committee's constitution to the Adjudicating Authority within two days of claim verification. The first committee meeting must occur within seven days of filing this report. If there is a delay in appointing a resolution professional, the interim resolution professional will assume the resolution professional's duties from the fortieth day of the insolvency commencement date until an appointment is made.
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