First Meeting Procedures for Creditors' Committee Under IBC: Reporting, Timing, and Notice Requirements Explained

The procedures for the first meeting of the committee of creditors during a corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC). Meetings can be held in person or electronically, conducted by the resolution professional. The interim resolution professional must report the committee's constitution within two days of claim verification and hold the first meeting within seven days. Meetings can be convened as necessary, especially if requested by members holding at least 33% voting rights. Notices for meetings require at least five days' notice, which can be reduced to a minimum of 24 hours if necessary.

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