During the insolvency resolution process, the matter of a decision of the insolvency proceedings is left up to the Committee of Creditors or the CoC. If you have gone through our other blogs, then you are already privy to what a committee of creditors is.
Now, through this article, we are going to take a peek into the contents of Notice for meetings of the committee.
The contents of the NOTICE for a CoC
- Information about the venue of the meeting, the time of the meeting and the date of the meeting. Furthermore, options are to be made available for the participants to join the meeting through video conferencing or other audiovisual means. In such cases, the notice shall provide the participants the information about such options.
- Information that the participants can either attend the meeting themselves or through an authorized representative. In the case where the authorized representative individual is to be present at the meeting, there should be prior information send to the other representatives and the NCLT about the same.
- The Notice of the meeting shall entail the following information as well:
- Meeting’s agenda with the following information:
- List of matters that are to be a point of discussion in the meeting
- List of issues that are going to need the committee to exercise their voting power
- Copies of all the documents that are relevant to the agenda of the meeting.
- The notice has to state that the voting shall not be conducted for a member who is not present at the meeting.
- Another information that the notice shall provide are the following:
- The process and the manner of the voting process. This shall include the electronic process, the means of voting and the time of voting. The time shall include the time period during which the voting is to be cast.
- Login ID and the password to the participants of the meeting so that the voting process using the electronic method is secure and unbiased.
- Contact details of the person that addresses the queries in relation to the voting process.
These are the matters that are to be taken into account whenever a CoC meeting is taking place. To know more about Insolvency and bankruptcy laws in India after IBC, check out our other blogs.