Voting threshold for committee of creditors requires a qualified voting majority to approve decisions, altering approval requirement. The amendment inserts, in section 33(2) of the principal Act, after the words 'decision of the committee of creditors', the requirement that such decision be 'approved by not less than sixty-six per cent. of the voting share', thereby establishing a qualified majority approval threshold for committee decisions under that subsection.
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Provisions expressly mentioned in the judgment/order text.
Voting threshold for committee of creditors requires a qualified voting majority to approve decisions, altering approval requirement.
The amendment inserts, in section 33(2) of the principal Act, after the words "decision of the committee of creditors", the requirement that such decision be "approved by not less than sixty-six per cent. of the voting share", thereby establishing a qualified majority approval threshold for committee decisions under that subsection.
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