CLARIFICATION No.: IBBI/CIRP/2021 dated 16 th April, 2021
As per regulations 18, 19 and 21 of the CIRP Regulations on the request of CoC having 33% or more of the voting rights, RP shall convene a meeting of the CoC for consideration of the note, or place the note for consideration in a meeting of the CoC, if it is already scheduled, but where such request is made by the members having less than 33% of voting rights, RP shall consider the request expeditiously on merits and If he considers (discretion) it necessary, he shall convene a meeting of the CoC for consideration of the note, or place the note for consideration in a meeting of the CoC, if it is already scheduled.
Similarly in case of ongoing COC meeting, Members of the CoC having 33% or more of the voting rights request the RP, along with a note, to place the note for consideration in a meeting of the CoC, the RP shall place the note for consideration in the ensuing meeting of the CoC, but where such request is made by the members having less than 33% of voting rights, RP shall consider the request expeditiously on merits and If he considers (discretion) it necessary, he shall place the note for consideration in the ensuing meeting of the CoC.