Liquidation costs contribution mechanism allows the liquidator to recover the shortfall from committee members under approved terms. The liquidator may require the members of the committee to contribute the excess of liquidation costs over the liquid assets of the corporate debtor, as estimated by him, on such terms and conditions as approved by the committee. The provision allocates responsibility for funding the shortfall in liquidation expenses through a contribution mechanism controlled by the liquidator and subject to committee approval.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Liquidation costs contribution mechanism allows the liquidator to recover the shortfall from committee members under approved terms.
The liquidator may require the members of the committee to contribute the excess of liquidation costs over the liquid assets of the corporate debtor, as estimated by him, on such terms and conditions as approved by the committee. The provision allocates responsibility for funding the shortfall in liquidation expenses through a contribution mechanism controlled by the liquidator and subject to committee approval.
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