21. (1) The interim resolution professional shall after collation of all
claims received against the corporate debtor and determination of the
financial position of the corporate debtor, constitute a committee of
creditors.
(2) The committee of creditors shall comprise all financial creditors of the
corporate debtor:
Provided that a related partyto whom a corporate debtor owes a financial
debt shall not have any right of representation, participation or voting in
a meeting of the committee of creditors.
(3) Where the corporate debtor owes financial debts to two or more financial
creditors as part of a consortium or agreement, each such financial creditor
shall be part of the committee of creditors and their voting share shall be
determined on the basis of the financial debts owed to them.
(4) Where any person is a financial creditor as well as an operational
creditor,-
(a) such person shall be a financial creditor to the extent of the financial
debt owed by the corporate debtor,and shall be included in the committee of
creditors, with voting share proportionate to the extent of financial debts
owed to such creditor;
(b) such person shall be considered to be an operational creditor to the
extent of the operational debt owed by the corporate debtor to such
creditor.
(5) Where an operational creditor has assigned or legally transferred any
operational debt to a financial creditor, the assignee or transferee shall
be considered as an operational creditor to the extent of such assignment or
legal transfer.
(6) Where the terms of the financial debt extended as part of a consortium
arrangement or syndicated facility or issued as securities provide for a
single trustee or agent to act for all financial creditors, each financial
creditor may-
(a) authorise the trustee or agent to act on his behalf in the committee of
creditors to the extent of his voting share;
(b) represent himself in the committee of creditors to the extent of his
voting share;
(c) appoint an insolvency professional (other than the resolution
professional) at his own cost to represent himself in the committee of
creditors to the extent of his voting share; or
(d) exercise his right to vote to the extent of his voting share with one or
more financial creditors jointly or severally.
(7) The Board may specify the manner of determining the voting share in
respect of financial debts issued as securities under sub-section (6).
(8) All decisions of the committee of creditors shall be taken by a vote of
not less than seventy-five per cent. of voting share of the financial
creditors:
Provided that where a corporate debtor does not have any financial
creditors, the committee of creditors shall be constituted and comprise of
such persons to exercise such functions in such manner as may be specified
by the Board.
(9) The committee of creditors shall have the right to require the
resolution professional to furnish any financial information in relation to
the corporate debtor at any time during the corporate insolvency resolution
process.
(10) The resolution professional shall make available any financial
information so required by the committee of creditors under sub-section (9)
within a period of seven days of such requisition.