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of <h1>IBBI Circular: Procedure for Appointing Authorized Representative for Creditor Classes u/s 21(6A)(b) of Insolvency Code 2016.</h1> The circular issued by the Insolvency and Bankruptcy Board of India outlines the procedure for appointing an authorized representative for classes of creditors under section 21 (6A) (b) of the Insolvency and Bankruptcy Code, 2016. It mandates that when a corporate debtor has at least ten financial creditors in a class, the interim resolution professional must offer three insolvency professionals for creditors to choose from. The professional selected by the majority becomes the authorized representative, responsible for collecting voting instructions and attending creditor committee meetings. The circular emphasizes using this mechanism in ongoing insolvency processes and specifies the procedure for timely selection of the representative.
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