Authorised representative framework governs appointment, replacement, creditor communication, voting share, fees, and class participation in insolvency resolution. Regulation 16A governs the appointment, replacement, duties, communication framework, voting basis, and remuneration of the authorised representative for a class of financial creditors in the corporate insolvency resolution process. The interim resolution professional selects the insolvency professional preferred by the highest number of creditors in the class, applies for appointment within two days of verification of claims, and, pending appointment, the selected professional acts as interim representative. Delay in appointment does not affect the validity of committee decisions. The regulation also sets out replacement by class vote, creditor-list disclosure, electronic communication, fee entitlements, and the representative's detailed facilitative functions.
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.
Authorised representative framework governs appointment, replacement, creditor communication, voting share, fees, and class participation in insolvency resolution.
Regulation 16A governs the appointment, replacement, duties, communication framework, voting basis, and remuneration of the authorised representative for a class of financial creditors in the corporate insolvency resolution process. The interim resolution professional selects the insolvency professional preferred by the highest number of creditors in the class, applies for appointment within two days of verification of claims, and, pending appointment, the selected professional acts as interim representative. Delay in appointment does not affect the validity of committee decisions. The regulation also sets out replacement by class vote, creditor-list disclosure, electronic communication, fee entitlements, and the representative's detailed facilitative functions.
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