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TMI BlogStakeholders’ consultation committeeX X X X Extracts X X X X X X X X Extracts X X X X ..... of the liquidator; (d) valuation under sub- regulation (2) of regulation 35; (e) the manner in which proceedings in respect of preferential transactions, undervalued transaction, extortionate credit transaction or fraudulent or wrongful trading, if any, shall be pursued after closure of liquidation proceedings and the manner in which the proceeds, if any, from these proceedings shall be 15 [ distributed; ]]] 16 [ (f) review of marketing strategy in case of failure of sale of corporate debtor as a going concern; (g) continuation or institution of any suits or legal proceedings by or against the corporate debtor; (h) extension of payment of balance sale consideration as provided in clause (12) of Para 1 of Schedule I, beyo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the stakeholders it represents. ] (5) Subject to the provisions of the Code and these regulations, representatives in the consultation committee shall have access to all relevant records and information as may be required to provide advice to the liquidator under sub-regulation (1). 11 [ (6) The liquidator shall convene the first meeting of the consultation committee within seven days of the liquidation commencement date and may convene other meetings, if he considers necessary, on a request received from one or more members of the consultation committee: Provided that when a request is received by the liquidator from members, individually or collectively, having at least thirty three percent of the total voting rights, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s sub-regulation, the term voting ‟ shall mean voting cast by the representatives of the consultation committee. ] (10) The advice of the consultation committee shall not be binding on the liquidator: Provided that where the liquidator takes a decision different from the advice given by the consultation committee, he shall record the reasons for the same in writing 4 [ 13 [ submit the records relating to the said decision, to the Adjudicating Authority and to the Board within five days of the said decision; and include it in the next progress report ]] . 5 [ Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes commencing on or after the date of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t date, based on the list of stakeholders prepared under regulation 31, to advise him on the matters relating to sale under regulation 32. 3. Substituted vide Notification No. IBBI/2021-22/GN/REG079 dated 30-09-2021 before it was read as (4) If the stakeholders of any class fail to nominate their representatives, the required number of stakeholders with the highest claim amount in that class shall be included in the consultation committee. 4. Inserted vide Notification No. IBBI/2021-22/GN/REG079 dated 30-09-2021 5. Inserted vide Notification No. IBBI/2022-23/GN/REG082 dated 28-04-2022 6. Substitute vide Notification No. IBBI/2022-23/GN/REG094 dated 16-09-2022 , before it was read as :- (1) The liquidator s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editors admitted during the liquidation process is at least 50% of liquidation value Number of creditors in the category, subject to a maximum of 4 Unsecured financial creditors Where claims of such creditors admitted during the liquidation process is less than 25% of liquidation value Where claims of such creditors admitted during the liquidation process is at least 25% of liquidation value Number of creditors in the category, subject to a maximum of 1 Number of creditors in the category, subject to a maximum of 2 Workmen and employees 1 1 Governments 1 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 022-23/GN/REG094 dated 16-09-2022 , before it was read as :- and mention it in the next progress report 14. Inserted vide Notification No. IBBI/2022-23/GN/REG094 dated 16-09-2022 , 15. Substituted vide Notification No. IBBI/2023-24/GN/REG112 dated 12-02-2024 before it was read as, distributed 16. Inserted vide Notification No. IBBI/2023-24/GN/REG112 dated 12-02-2024 17. Inserted vide Notification No. IBBI/2023-24/GN/REG112 dated 12-02-2024 18. Inserted vide Notification No. IBBI/2023-24/GN/REG112 dated 12-02-2024 19. Inserted vide Notification No. IBBI/2023-24/GN/REG112 dated 12-02-2024 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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