Authorised representative mechanism ensures creditor classes select a nominee to collect voting instructions and cast class votes in insolvency. The Code and regulation 16A establish a procedural mechanism whereby, if a creditor class meets the threshold, the interim or resolution professional offers three insolvency professionals; creditors indicate their preferred nominee and the nominee with the highest number of selections becomes the authorised representative, who collects voting instructions, attends CoC meetings and casts the class vote in accordance with those instructions, and the resolution professional must facilitate this electronic choice process for unrepresented classes irrespective of process stage.
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 mechanism ensures creditor classes select a nominee to collect voting instructions and cast class votes in insolvency.
The Code and regulation 16A establish a procedural mechanism whereby, if a creditor class meets the threshold, the interim or resolution professional offers three insolvency professionals; creditors indicate their preferred nominee and the nominee with the highest number of selections becomes the authorised representative, who collects voting instructions, attends CoC meetings and casts the class vote in accordance with those instructions, and the resolution professional must facilitate this electronic choice process for unrepresented classes irrespective of process stage.
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