The Insolvency Code read with regulations provide for the manner of collection and verification of claims. It provides:
• A financial creditor is included in the CoC as a member, as and when its claim is admitted.
• Inclusion of a financial creditor in the CoC as a member subsequent to the constitution of the CoC does not affect the validity of any decision taken by the CoC prior to such inclusion.
Thus, a person, who is not a member of the CoC, does not have voting right in the CoC. A person, who is not a member of the CoC, cannot be regarded as one who has voted against a resolution plan or abstained from voting.
Recent Comments