To run the insolvency process of such bankrupt real estate company an Insolvency Resolution Professional (IRP) is appointed by the court and the creditors. The IRP is expected to take charge of the company, run it in the best possible manner possible, complete the construction of the real estate project, work out the pending claims of each stakeholders including the home buyers and work out the best possible resolution for each stakeholder.

In such cases each class of stakeholders might have different interests and needs. As number of home buyers are large it is not possible to have all the home buyers in the Committee of Creditors (CoC) meeting and it is best to have an Authorised Representative (AR) representing them in the CoC meeting.

The AR represents the home buyers in the CoC meeting. To be able to represent home buyers in the CoC meeting, the AR need to know the opinion of home buyers on all matters and resolutions. As number of home buyers are large, face to face meeting and opinion gathering is difficult, inefficient and unscientific. Hence eVoting is conducted among the home buyers on all resolutions and based on the voting results of home buyers voting, the AR votes on their behalf in the CoC meeting.

Disclaimer:Right2Vote is an online voting platform and not a qualified legal advisor. Kindly consult qualified legal advisors for better understanding of the law and process relating to CoC meeting and eVoting of home buyers under IBC. The below text is only for guidance purpose based on our limited understanding. The law keeps on changing and evolving. You are requested to consult and confirm with a qualified lawyer and use this for guidance only.

• Each creditor in the class / home buyers should be provided right to vote.
• In such voting, all voters do not have equal vote. Vote share of each voter or home buyer is determined on the basis of amount outstanding.
• The appointed Resolution Professional (IRP) / Interim Resolution Professional (IRP) / Resolution Professional (RP) is responsible to collect the claim forms of each claimant and prepare the list of voters. The voter list should include Name of the home buyer, his unique unit number, his admitted claim amount, his mobile number and his email ID.
• Vote share of each home buyer in the class is calculated by dividing the accepted claim of the individual home buyer by total claims of all the home buyers in that class.
• IRP / RP is supposed to share the resolutions to be discussed in the CoC meeting and home buyer voter list with the AR so that AR can conduct the eVoting amongst home buyers and collect their opinion before coming to the CoC meeting.
• If the AR for home buyers is not appointed yet, the IRP / RP is responsible to have an eVoting amongst the home buyers to appoint the AR. IRP / RP can list possible candidates for AR post based on inputs from home buyers, directions from the court and based on his own professional judgement.
• Till the time AR is appointed, the IRP / RP continues to carry on the responsibility of the AR also including responsibility of conducting eVoting among the home buyers.
• AR is supposed to inform the home buyers about the voting event at least 24 hours in advance.
• AR should keep the voting window open for minimum 12 hours so that all home buyers can exercise their right to vote. However, we recommend to keep it open for minimum 24 hours so that home buyers in different time zones, if any, can also participate.
• In home buyers voting or voting of creditors in a class, the voters who have not voted is ignored and resolution is accepted or rejected based on voting percentage in favour of the resolution. Please note this is different from CoC voting where if the CoC member does not vote, his vote is counted as negative vote.
• For regular resolutions more than 50% in favour voters are required. For special resolutions the requirement is generally 66%.
• AR is supposed to vote in the CoC as an authorised representative of home buyer based on the voting result of home buyer voting. AR is not authorised to vote in deviance of the result of home buyer voting.
• Generally eVoting is held twice for home buyers – once before the CoC meeting and once after the CoC meeting. Before the CoC meeting the AR conducts the eVoting to get indicative opinion and understand the opinion of the home buyers so that he can accordingly put their views across in the meeting. After the meeting the final voting is conducted after the circulation of resolution. The final results of the voting from the home buyers voting conducted after circulation of minutes of CoC meeting is to be used by the AR to vote in the CoC eVoting.

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Audit Trail: With AUDIT TRAIL feature, the system records IP address and time of voting of each and every home buyer. This helps in maintaining an audit trail and is useful in case of any dispute.

Voter Recipt: Each voter is sent a VOTER RECEIPT on his email. The receipt mentions the choice selected by the home buyer.

Allow vote change: ALLOW VOTE CHANGE feature allows the voter to change his vote any time before the close of voting. This feature is an additional feature for the home buyers to use in case they change their opinion after reading the minutes of the meeting or for some other reason.

Weighted votes: WEIGHTED VOTES is a very useful feature for eVoting under IBC for home buyer voting. Unlike normal voting where each voter has one vote, in home buyers voting under IBC, the vote share is determined on the basis of outstanding amount of each home buyer. With this feature, the result is automatically calculated after taking into account the respective vote share of each home buyer. This saves lot of time and effort for the AR and the IRP / RP.

Multiple votes – Limited: In home buyers voting, many a time there are home buyers who own more than one property. Unlike normal voting where one voter has only one vote, such home buyers are eligible to vote separately for each property. Right2Vote provides a “multiple votes – limited” feature specifically for this purpose. With the same email ID, the eligible home buyer need to login only once and he can vote for all his property individually for at once based on his own preference. In the result, his vote preference for each property will show separately.

OTP based authentication: OTP BASED AUTHENTICATION feature ensures that only the authorised voter is able to vote. In case of home buyer voting, the house might be in name of multiple people from the same family. Generally, only the first owner is supposed to vote. However, OTP based authentication ensures that only the authorised voter is able to vote and nobody else is able to access or vote.

Time extension: TIME EXTENSION feature is very useful in case of home buyers voting under IBC. For various reason including court instructions at times the voting duration has to be extended. Right2Vote offers free time extension feature where insolvency professional can extent the time of the poll multiple times free of charge.

Reminders: REMINDERS features allow the Authorised Representative (AR) to send automated reminders to member of creditors in the class – home buyers, who have not yet exercised their right to vote. The reminder only goes to voters who have not voted yet. AR can send up to three reminders free of cost in Right2Vote online voting platform.

Detailed results in PDF and excel format:Right2Vote provide the result of the eVoting in both PDF and excel format. The PDF format gives the synopsis of the result with Right2Vote watermark. The PDF format is useful for circulation among home buyers (only if required), RP/IRP and for submission to court / NCLT. Right2Vote also provides result in excel format where audit trail details like IP address and time of voting is also available. This is to be used for audit purpose. As eVoting under IBC does not require SECRET BALLOT feature, the details excel result also provides individual home buyer voter vote preference.