Committee of Creditors
5 (1) As soon as may be possible, but before the issuance of the notice calling the meeting of creditors in pursuance of clause (b) of sub-section
(1) of section 256, the interim administrator shall, after determining the particulars of the classes of creditors of the sick company, for the purpose of section 257, constitute a committee of creditors with not more than seven members giving representation to each class of creditors. The committee so constituted shall recommend the measures that may be required to be adopted for revival and rehabilitation of the sick company.
(2) The interim administrator shall hold such number of meetings of committee at such intervals as he may deem fit so as to present a report to the Tribunal within sixty days from the date of the order of his appointment.
(3) The interim administrator shall chair the meetings of the committee of creditors and regulate the meetings, as he thinks fit.
(4) Any promoter, director or any key managerial personnel directed by the interim administrator under sub-section (3) of section 257 to attend any meeting of the committee of creditors and to furnish such information as may be considered necessary by the interim administrator, shall be under an obligation to attend the meeting and provide such information and explanation as may be required. |