Authorised representative voting authority requires votes to follow financial creditors' prior instructions and mandates abstention if none given. Section 25A grants the authorised representative the right to participate and vote in committee of creditors meetings on behalf of represented financial creditors only in accordance with their prior voting instructions obtained by physical or specified electronic means. The authorised representative must circulate agenda and minutes to those creditors, file received voting instructions with the committee to ensure correct recording by the interim resolution professional or resolution professional, and must act in the creditors' interests, casting votes per each creditor's instructions to the extent of their voting share or abstaining where no instructions are given; a specified majority decision rule applies in a defined case.
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Provisions expressly mentioned in the judgment/order text.
Authorised representative voting authority requires votes to follow financial creditors' prior instructions and mandates abstention if none given.
Section 25A grants the authorised representative the right to participate and vote in committee of creditors meetings on behalf of represented financial creditors only in accordance with their prior voting instructions obtained by physical or specified electronic means. The authorised representative must circulate agenda and minutes to those creditors, file received voting instructions with the committee to ensure correct recording by the interim resolution professional or resolution professional, and must act in the creditors' interests, casting votes per each creditor's instructions to the extent of their voting share or abstaining where no instructions are given; a specified majority decision rule applies in a defined case.
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