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of <h1>Liquidator must form stakeholders' consultation committee within 60 days; proportional creditor voting, excluded secured/promoter votes, 66% can propose replacement</h1> The liquidator must, within 60 days of liquidation commencement, constitute a stakeholders' consultation committee (the interim committee of creditors may serve until then) composed of creditors and class representatives, with voting shares proportional to admitted claims; secured creditors who retain security, promoters and related-party financial creditors cannot vote. The committee advises on professionals' remuneration, sale strategy and terms, liquidator's fees, valuation, continuation of legal proceedings and related distributions, and other liquidation matters. The liquidator chairs meetings, must present costs, legal status and progress, and may seek committee advice before initiating proceedings. Committee advice is non-binding; differing decisions require written reasons and prompt reporting to the adjudicating authority and Board. The committee may, by =66% vote, propose replacement of the liquidator.
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