Insolvency and Bankruptcy Code, 2016
Section 24: Meetings of the Committee of Creditors under the IBC
Section 24 governs how the Committee of Creditors (CoC) meets during a corporate insolvency resolution process (CIRP), who receives notice, who may attend and how voting shares are determined.
Legal context: Read Section 24 together with Sections 21 and 25A of the Code and the applicable IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, as amended. Voting entitlement and the threshold for approving a particular decision are separate questions.
Meaning of important terms
Committee of Creditors (CoC): The creditors' decision-making committee constituted under Section 21 of the Code, ordinarily comprising eligible financial creditors.
Resolution professional (RP): The insolvency professional responsible for conducting the CIRP and convening and conducting CoC meetings.
Voting share: A creditor's proportionate voting entitlement, determined with reference to the financial debt owed and the applicable statutory and regulatory rules.
Authorised representative: A person representing eligible creditors under the framework in Sections 21 and 25A, including specified classes of financial creditors.
Section 24 explained, subsection by subsection
Section 24(1): Physical or electronic meetings
CoC members may meet in person or through electronic means permitted under the applicable regulations. This allows participation without requiring every creditor to attend at the same physical location.
Section 24(2): Conduct of meetings
All CoC meetings are conducted by the resolution professional, who is responsible for the meeting process and regulatory compliance.
Section 24(3): Notice of meetings
The RP must give notice of each meeting to:
- CoC members, including authorised representatives covered by Section 21(6), Section 21(6A) and Section 24(5);
- members of the suspended board of directors or partners of the corporate debtor, as applicable; and
- operational creditors or their representatives where their aggregate dues are not less than ten per cent of the debt, as specified in the provision.
Notice, agenda and supporting documents must also satisfy the applicable CIRP Regulations.
Section 24(4): Attendance without voting rights
Eligible directors, partners and one representative of the operational creditors referred to in subsection (3) may attend CoC meetings but cannot vote merely by virtue of that attendance. Their absence does not invalidate the proceedings.
Section 24(5): Representation by an insolvency professional
Subject to Section 21(6), (6A) and (6B), a CoC member may appoint an insolvency professional other than the RP to represent that creditor at a meeting. The appointing individual creditor bears the representative's fees.
Section 24(6): Voting in proportion to debt
Each creditor votes according to its assigned voting share based on the financial debt owed to that creditor, subject to the Code's special rules for representation and voting.
Section 24(7): Determination of voting share
The RP determines voting shares in the manner specified by the Insolvency and Bankruptcy Board of India (IBBI).
Section 24(8): Procedure for meetings
The manner of conducting CoC meetings is governed by the regulations made under the Code, including provisions addressing meeting schedules, notices, quorum, participation, minutes and voting.
Practical requirements under the CIRP Regulations
The CIRP Regulations supplement Section 24. Regulations 18 to 26 address the meeting framework, including scheduling, notice, service, contents of notice, quorum, participation, minutes and voting. Requirements and exceptions should be checked against the version in force on the relevant meeting date.
In particular, participation in a meeting does not itself create a right to vote. Equally, a creditor's voting share under Section 24 does not by itself establish whether a resolution has passed; the relevant provision of the Code determines the required approval threshold.
Official legal references
- Insolvency and Bankruptcy Board of India (official website)
- IBBI legal framework: Acts, amendments, regulations and notifications
- Section 24 text reproduced in an IBBI-hosted judicial document (PDF)
For the complete statute and related provisions, see The Insolvency and Bankruptcy Code, 2016.
Updated: 21 October 2026. This article is general legal information; consult the applicable consolidated legislation, regulations and notifications for a particular CIRP.