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of <h1>Section 21 Amended: Changes in Financial Creditor Definitions, Voting Procedures, and Authorized Representative Roles Introduced.</h1> The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, amends Section 21 of the principal Act. It revises the definition of related parties in financial creditor contexts and introduces provisions for financial creditors regulated by financial sector regulators. Sub-sections (6A) and (6B) are added to address the appointment and remuneration of authorized representatives for financial creditors, specifying roles for trustees, agents, guardians, executors, or administrators. The amendment also updates voting procedures and decision-making processes within the committee of creditors, requiring a minimum of 51% voting share for decisions, with provisions for cases lacking financial creditors.
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