Section 54 I 1[Committee of creditors.
(1) The resolution professional shall, within seven days of the pre-packaged insolvency commencement date, constitute a committee of creditors, based on the list of claims confirmed under clause (a) of sub-section (2) of section 54F:
Provided that the composition of the committee of creditors shall be altered on the basis of the updated list of claims, in such manner as may be specified, and any such alteration shall not affect the validity of any past decision of the committee of creditors.
(2) The first meeting of the committee of creditors shall be held within seven days of the constitution of the committee of creditors.
(3) The Provisions of section 21, except sub-section (1) thereof, shall, mutatis mutandis apply, in relation to the committee of creditors under this Chapter:
Provided that for the purposes of this sub-section, references to the “resolution professional” under subsections (9) and (10) of section 21, shall be construed as references to “corporate debtor or the resolution professional”.]
Foot note:
1. Inserted by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 with effect from 04th April, 2021 and enacted by Insolvency and Bankruptcy Code (Amendment) Act, 2021 with effect from 4th day of April, 2021.