29-Nov-2022 02:35 PM
Sir as per code all financial creditor shall be part of coc then why this class creditor even though they are financial creditor have to appoint authorised representative?
The creditors in a class although they are financial creditors they are large in numbers. The class of creditors includes home-buyers or real estate buyers or deposit holders. Class of creditors is a group of 10 or more financial creditors other than banks and financial institutions or trustees in financial securities or deposits. So, it is not possible for all of them to attend the meeting. Hence, they have to appoint a authorize representative who will attend the meeting and vote on behalf of them.
Answer given by Shubhamm Sir at 30-Nov-2022 08:00 PM