Managing the Committee of Creditors: A meeting of the CoC is organizedby the RP on an on-going basis throughout the CIRP process. The purpose of themeeting is to update the members of the CoC on the status of the insolvencyprocess and operations, while discussing the key issues, challenges faced and totake votes upon the necessary items as required by the code. To organize andmanage a CoC is a 3 steps process that covers steps to be takenby the RPPre-CoC, during the CoC and Post CoC. Managing Pre-CoC: To call upon a meeting of the CoC, the RP needsto send a seven days’ notice in writing to every participant.
Along with thenotice, the RP also needs to send an agenda note that contains the key itemsthat need to be discussed in the meeting and voted upon by the CoC. UnderSection 28 of the code, there are certain actions that need CoCs approvalbefore the RP can take any action. Notice also mentions the date, time andvenue of the meeting.The RP is expected to apprise theCoC on the update that may have occurred between 2 CoCs. Status update includeskey communications & meetings with various authorities, business update ofthe corporate debtor and other updates as decided by the RP. As per the code, in case all themembers of the committee are not present, then voting is to be done in anelectronic manner.
Arrangements for e-voting are also required in such cases.The RP needs to provide a secure voting platform to the voters.Other details like video recording(as mandated by the code), ID proofs, attendance sheets, roll call sheets arealso taken care of at this stage for the smooth conduct of the meeting.Managing the CoC meeting: Before the CoC meeting begins, the RP alsoensures that an attendance sheet is signed by the attendees, so as to keep arecord of the creditors attending the meeting. Thereafter, the RP begins themeeting by taking a roll call and apprising the members by running through thepresentation on status of the Company and discuss the agenda items that requireCoC’s approval Managing post-CoC: In case the voting is to be held by electronicmeans, the minutes of the meeting are to be sent to the members of the CoCwithin 48 hours of the meeting.
The minutes should specifically disclose theparticulars of the participants who attended the meeting in person/videoconferencing/other audio visual means.The e-voting needs to beconcluded within 24 hours of sending the minutes to the CoC. Results of thevoting are to be circulated within 24 hours of the closing of the voting. TheRP is expected to proceed as per the results of the voting in conducting theresolution process of the corporate debtor.