2.16.11. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

11. Meeting of creditors.

(1) A creditor, who is included in the list of creditors, shall be entitled to participate in the meetings of creditors.

(2) The voting share of each creditor shall be in proportion to the debt owed to such creditor.

(3) The resolution professional shall convene the first meeting of creditors in accordance with   sub-section (1) of section 107 and shall convene the meeting, by giving such notice to the other participants as decided by the creditors, which shall not less than forty-eight hours.

(4) The resolution professional shall convene a meeting of creditors on a request by creditors having thirty-three percent of voting share of creditors.

(5) The notice under this regulation shall be served on every participant at the address provided to the resolution professional in accordance with regulation 12.

(6) Unless otherwise provided in the Code, any decision of the creditors shall require approval of more than fifty percent of voting share of the creditors who voted.

(1) Where the debtor is a personal guarantor who is undergoing an insolvency resolution process, the resolution professional of such debtor who has given the personal guarantee shall coordinate with the resolution professional of the corporate debtor in respect of whom such guarantee has been given, regarding transfer of assets in the corporate insolvency resolution process of the corporate debtor in respect of whom such guarantee has been given for the purposes of section 28A.

(2) For the purposes of section 28A, the resolution professional shall obtain approval from the meeting of creditors of the debtor who has given the personal guarantee for transfer of assets in the corporate insolvency resolution process of the corporate debtor in respect of whom such guarantee has been given.

(3) Where approval is granted by the meeting of creditors permitting the transfer, the resolution professional of the debtor shall ensure that the proposed transfer is appropriately disclosed in the report under section 106 and section 112.