Section 24 of IBC : Section 24: Meeting Of Committee Of Creditors

IBC

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Explanation using Example

Imagine a company, XYZ Pvt. Ltd., is undergoing insolvency proceedings under The Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) has formed a Committee of Creditors (CoC) which includes the largest financial creditors of the company.

Scenario: The RP decides to convene a meeting of the CoC to discuss the resolution plans submitted by potential bidders. According to Section 24(1), this meeting can take place in person or via video conferencing as specified by the RP.

Application: The RP, acting under Section 24(2), sends out notices for the meeting to the CoC members, the s...

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