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of <h1>New Rules for Selecting Creditor Representatives in Insolvency: Key Steps Under Regulation 4A Explained</h1> Regulation 4A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, outlines the procedure for selecting an authorized representative for a class of creditors during insolvency proceedings. The interim resolution professional must identify classes of creditors by examining the debtor's records and select three insolvency professionals who are not related parties, have addresses in the state with the highest number of creditors, are eligible under regulation 3, and are willing to serve as representatives. Consent from these professionals must be obtained using Form AB of Schedule-I.
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