Section 21(2) in Insolvency And Bankruptcy Code, 2016
(2)The committee of creditors shall comprise all financial creditors of the corporate debtor:Provided that a [financial creditor or the authorised representative of the financial creditor referred to in sub-section (6) or sub-section (6A) or sub-section (5) of section 24, if it is a related party of the corporate debtor,] [Substituted 'related party to whom a corporate debtor owes a financial debt' by Act No. 26 of 2018, dated 17.8.2018.] shall not have any right of representation, participation or voting in a meeting of the committee of creditors.[Provided further that the first proviso shall not apply to a financial creditor, regulated by a financial sector regulator, if it is a related party of the corporate debtor solely on account of conversion or substitution of debt into equity shares or instruments convertible into equity shares [or completion of such transactions as may be prescribed,] [Inserted by Act No. 26 of 2018, dated 17.8.2018.] prior to the insolvency commencement date.] [Substituted by Act No. 26 of 2018, dated 17.8.2018.]
