Stakeholders' consultation committee in liquidation guided sale, valuation, legal proceedings and liquidator accountability through a non-binding advisory framework. Stakeholders' consultation committee under the liquidation regulations operated as an advisory mechanism to assist the liquidator on matters such as sale, valuation, professionals' remuneration, legal proceedings, liquidation costs, and related distribution issues. It required representative participation from stakeholder classes, proportionate voting, access to relevant records, and periodic meetings convened by the liquidator. The committee's advice was not binding, but departures had to be recorded with reasons, and the committee could also propose replacement of the liquidator by the prescribed majority. The provision is now omitted.
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Provisions expressly mentioned in the judgment/order text.
Stakeholders' consultation committee in liquidation guided sale, valuation, legal proceedings and liquidator accountability through a non-binding advisory framework.
Stakeholders' consultation committee under the liquidation regulations operated as an advisory mechanism to assist the liquidator on matters such as sale, valuation, professionals' remuneration, legal proceedings, liquidation costs, and related distribution issues. It required representative participation from stakeholder classes, proportionate voting, access to relevant records, and periodic meetings convened by the liquidator. The committee's advice was not binding, but departures had to be recorded with reasons, and the committee could also propose replacement of the liquidator by the prescribed majority. The provision is now omitted.
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