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of <h1>Regulation 31A: Liquidator Must Form Creditor Consultation Committee Within 60 Days, Advises on Key Liquidation Matters.</h1> Regulation 31A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 mandates the liquidator to form a consultation committee of creditors within sixty days from the liquidation commencement date. This committee advises on various matters such as professional remuneration, asset sales, liquidation fees, and legal proceedings. Voting rights in the committee are proportional to admitted claims, with certain restrictions on secured creditors and related parties. The liquidator must convene meetings as required and document decisions diverging from the committee's advice. The committee can propose replacing the liquidator with a two-thirds majority vote.
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