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of <h1>Regulation 16A Details Appointment and Responsibilities of Authorized Representatives in Insolvency Proceedings for Creditors</h1> Regulation 16A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, outlines the process for appointing an authorized representative for creditors in an insolvency proceeding. The interim resolution professional selects an insolvency professional preferred by the majority of financial creditors to act as the authorized representative. This representative attends committee meetings, communicates with creditors, and assists in decision-making. They receive fees based on the number of creditors they represent and are responsible for facilitating communication and ensuring creditors have necessary information. The regulation also allows creditors to propose additional responsibilities for the representative.
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