Under section 22(1) of the Insolvency and Bankruptcy Code, 2016, within how many days of constitution must the committee of creditors hold its first meeting?
Question and options
Under section 22(1) of the Insolvency and Bankruptcy Code, 2016, within how many days of constitution must the committee of creditors hold its first meeting?
Eight days
Five days
Seven days
Six days
Answer and explanation
Correct answer: C - Seven days
Section 22(1) of the Insolvency and Bankruptcy Code, 2016 requires the first meeting of the committee of creditors to be held within seven days of its constitution. At that meeting the committee decides, by a 66% vote, whether to keep the interim resolution professional or replace him.
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