Authorised representative selection for creditor classes requires consent, creditor choice, and selection of the highest-voted insolvency professional. Choice of authorised representative for a creditor class in the pre-packaged insolvency resolution process requires the resolution professional to ascertain the class of creditors, shortlist three eligible insolvency professionals, obtain their consent, and seek the choice of creditors in the class. The creditors must communicate their choice within three days, and the insolvency professional chosen by the highest number of creditors is selected as the authorised representative. The resolution professional must then inform the applicant of the selected professional along with the consent.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Authorised representative selection for creditor classes requires consent, creditor choice, and selection of the highest-voted insolvency professional.
Choice of authorised representative for a creditor class in the pre-packaged insolvency resolution process requires the resolution professional to ascertain the class of creditors, shortlist three eligible insolvency professionals, obtain their consent, and seek the choice of creditors in the class. The creditors must communicate their choice within three days, and the insolvency professional chosen by the highest number of creditors is selected as the authorised representative. The resolution professional must then inform the applicant of the selected professional along with the consent.
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