(1) The committee of creditors shall not approve a resolution plan, where the resolution applicant, or any other person acting jointly or in concert with the resolution applicant, has—

[Note: Section 25A was inserted by Amendment Act, 2018. It addresses the duties and rights of the authorised representative under sub-sections (6) and (6A) of section 21.]

(1) It shall be the duty of the authorised representative under sub-section (6) or sub-section (6A) of section 21, to circulate the agenda and minutes of the meeting of the committee of creditors to the financial creditors he represents in accordance with the guidelines issued by the Board.

(2) The authorised representative under sub-section (6) or sub-section (6A) of section 21, shall not act against the interest of the financial creditor he represents and shall always act in accordance with their prior instructions.

(3) The authorised representative shall vote on behalf of the financial creditors he represents, in accordance with the prior voting instructions of such creditors obtained through physical or electronic means.