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CS Professional · Corporate Restructuring, Valuation and Insolvency · Convening and Conduct of Meetings of Committee of Creditors

Lender Kisan Bank, a CoC member of Dhara Polymers Ltd, wants an insolvency professional other than the resolution professional to represent it at CoC meetings. Who bears that professional's fees, and who conducts the meetings?

Kisan Bank bears the fees of its appointed insolvency professional, while all committee of creditors meetings continue to be conducted by the resolution professional.

  1. AThe corporate debtor bears the fees; the representative conducts the meeting
  2. BKisan Bank bears the fees; the resolution professional conducts all meetingsCorrect
  3. CThe CoC members jointly bear the fees; the Board conducts the meeting
  4. DKisan Bank bears the fees; the representative conducts the meeting

Explanation

A CoC member may appoint an insolvency professional other than the resolution professional to represent it, and the fees are borne by that creditor. All CoC meetings are conducted by the resolution professional, not by a creditor's representative.

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