Constitution of committee of creditors under pre-packaged insolvency requires formation, meeting and regulated alteration of membership. The resolution professional must constitute the committee of creditors within seven days of the pre-packaged insolvency commencement date using the list of claims confirmed under section 54F(2)(a); composition may be altered based on an updated list as specified by regulation without affecting prior decisions. The first committee meeting must occur within seven days of constitution, section 21 (except subsection (1)) applies mutatis mutandis with specified reading of certain 'resolution professional' references, and section 240(2)(zkn) provides for regulations governing alteration of composition.
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Provisions expressly mentioned in the judgment/order text.
Constitution of committee of creditors under pre-packaged insolvency requires formation, meeting and regulated alteration of membership.
The resolution professional must constitute the committee of creditors within seven days of the pre-packaged insolvency commencement date using the list of claims confirmed under section 54F(2)(a); composition may be altered based on an updated list as specified by regulation without affecting prior decisions. The first committee meeting must occur within seven days of constitution, section 21 (except subsection (1)) applies mutatis mutandis with specified reading of certain "resolution professional" references, and section 240(2)(zkn) provides for regulations governing alteration of composition.
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