Change In Composition of Coc will Not Affect Its Decisions prior to reconstitution

DBS Bank India Pvt. Ltd Vs Rakesh Kumar Jain (NCLAT Delhi) Regulation 12(3) of CIRP Reguations, 2016, reads as follows: “12. Submission of proof of claims. (3) Where the creditor in sub-regulation (2) is (a financial creditor under Regulation 8), it shall be included in the committee from the date of admission of such claim: Provided that such inclusion shall not affect validity of any decision taken by the committee prior to such inclusion.” The proviso in Regulation 12(3) of CIRP Regulations, 2016 clearly stipulates that if any decision is taken by the committee, prior to the reconstitut...