[Illustrative Checklist] for IPs for Complying with Requirements of Meetings of Committee of Creditors
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 22 May, 2023
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The meetings of the Committee of Creditors (CoC) play a crucial role in the insolvency resolution process. These meetings serve as a platform for decision-making and collaboration among stakeholders. As an Insolvency Professional, it is essential to adhere to the requirements and obligations related to these meetings to ensure smooth proceedings and effective decision-making. This checklist provides a comprehensive guide for Insolvency Professionals to comply with the necessary requirements and obligations when convening and conducting meetings of the Committee of Creditors. By following this checklist, Insolvency Professionals can navigate through the regulatory landscape, uphold transparency, and promote active participation among CoC members, thereby enhancing the overall success of the insolvency resolution process.
I. Whether the first meeting of the Committee of Creditors (CoC) is convened within thirty days from Insolvency Commencement Date
II. Has the Insolvency Resolution Professional (IRP)/ Resolution Professional (RP) called a meeting of the Committee of Creditors (CoC) upon receiving a request from 33% of the committee members
III. Has the Resolution Professional (RP) ensured that a serial number is assigned to each meeting of the Committee of Creditors (CoC) for future reference and record management
IV. Has the Resolution Professional (RP) ensured that the agenda and Minutes of the meetings are numbered sequentially and labelled with the corresponding meeting’s serial number
V. Is it the responsibility of the Insolvency Resolution Professional (IRP)/Resolution Professional (RP) to serve as the Chairperson for all Committee of Creditors (CoC) meetings and oversee the proceedings of the CoC meetings
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