Meetings under IBBI

Various committee and their meetings

COC
CIRP
Process
When and how formed
When meeting called and by whom
Notice for how many days
Contents of notice
COC under Corporate Insolvency
 The IIRP forms the committee as per regulation 16
 By IRP as and when considered necessary
 If a request is made by 33% members of COC
 5 days minimum
 To every participant
 Such notice may be sent by any means but must be by electronic
method
 Can be reduced to 24 hrs by coc
 In case of AR to 48 hrs
 Venue, time and place and of option available to attend through video
conference and other audio and visual means
 All necessary info to attend
 It shall also provide that a participant may attend through AR
Process
……content of notice contd  Such participant shall inform in advance about the
AR
 A list of matters to be discussed
 A list of issues to be voted upon
 Copies of all documents relevant
 It shall state the process and manner for voting by e
means and time schedule during which the votes will
be cast
 Provide the login id etc
 Name of person who will address the queries if any

COC under Corporate Insolvency

Process
Quorum  33% of voting rights are present either in person or by video
conferencing or other audio and visual means however the COC
may modify the quorum for future meetings
 In case of no quorum the meeting stands adjourned for next day
same time
 In next meeting the members present shall be quorum

COC under Corporate Insolvency

Process
Conduct of meeting  RP is chairperson
 RP shall take roll call
 After roll call RP shall inform the names of persons
present and quorum
 RP shall ensure quorum is present throughout
 No other person to have access unless permitted by
RP
 RP shall ensure circulation of minutes to all
participants by e means within 48 hrs

COC under Corporate Insolvency

Process
Voting  Actions listed in sec 28(1) shall be considered or those requiring approval of COC
 RP to take vote after discussion
 After voting RP shall announce the names of those who voted for ,voted against and
who abstained and decision taken
 RP to circulate minutes within 48 hrs by e means to COC members and Ars
 Seek a vote to those who did not vote at the meeting by e voting and in this event
the voting shall be kept open for 24 hrs from circulation of minutes
 The AR shall circulate the minutes 24 hrs before the window is open and shall keep
the window open for 12 hrs

COC under Corporate Insolvency

Advisory Committee
IBBI
 Process
Who forms The board
How many  AC on SP
 AC on corporate insolvency and liquidation
 AC on individual insolvency and liquidation
 Any other subject specific

Where At such time and place it considers expedient

Quorum 50% of existing strength
Who will convene Secretary and he shall maintain records also
Who will preside Chairperson

Advisory Committee
Governing Board
IBBI
Process
How many meetings At least 4 in a year with 1 every quarter
Who shall convene  Chairperson or in his absence any person
nominated by him
 Any three members may require the chairperson to
convene a meeting
Notice for how many days before 7 days and in urgency such time that enable the
members to attend
Quorum  5 if members >8 and 3 if <8
Minutes  Board shall cause maintenance
 Circulation ASAP

Governing Board