Authorised representation enables class creditors to appoint, replace and engage insolvency professionals throughout the corporate resolution process. Regulation 16A requires the interim resolution professional to select the insolvency professional chosen by the highest number of timely participating ... Summary
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.
Authorised representation enables class creditors to appoint, replace and engage insolvency professionals throughout the corporate resolution process.
Regulation 16A requires the interim resolution professional to select the insolvency professional chosen by the highest number of timely participating financial creditors in a class and apply for appointment within two days after claim verification. The selected professional acts as interim representative pending appointment. Creditors holding at least ten per cent voting share may seek replacement; the resolution professional must offer at least three eligible choices, including proposed candidates and the incumbent, and seek appointment of the candidate receiving the highest voting share.
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