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of <h1>Resolution Professional Must Seek 66% CoC Approval for Key Actions During Corporate Insolvency Under IBC</h1> During the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC), the resolution professional (RP) must obtain prior approval from the committee of creditors (CoC) for specific actions. These include raising interim finance beyond agreed limits, altering the corporate debtor's capital structure, and conducting related party transactions, among others. The RP must convene a CoC meeting to seek approval, requiring a 66% affirmative vote. Any unauthorized actions by the RP are void, and the CoC can report such actions for further proceedings.
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