Section 22 of IBC : Section 22: Appointment Of Resolution Professional

Explanation using Example

Imagine a company, XYZ Pvt Ltd, is undergoing insolvency proceedings. The creditors of XYZ Pvt Ltd have formed a committee as per the Insolvency and Bankruptcy Code, 2016. This committee is responsible for making key decisions during the insolvency process.

In accordance with Section 22(1), the committee is required to hold its first meeting within seven days of its formation. At this meeting, as per Section 22(2), the creditors must decide whether to retain the interim resolution profes...

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