Stakeholders' consultation committee advises liquidator on remuneration, sale, valuation and litigation; advice non-binding, requiring supermajority for recommendations. Regulation 31A requires the liquidator to constitute a Stakeholders' Consultation Committee to advise on professionals' remuneration, sale processes, liquidator's fees, valuation matters, pursuit of recovery proceedings and related proceeds, and institution or continuation of suits; membership and voting are proportionate to admitted claims with specified exclusions; representatives may access relevant records; committee recommendations need a qualified majority and are advisory only, with the liquidator required to record and submit reasons if he departs from advice and the committee empowered to propose replacement of the liquidator subject to safeguards.
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Provisions expressly mentioned in the judgment/order text.
Stakeholders' consultation committee advises liquidator on remuneration, sale, valuation and litigation; advice non-binding, requiring supermajority for recommendations.
Regulation 31A requires the liquidator to constitute a Stakeholders' Consultation Committee to advise on professionals' remuneration, sale processes, liquidator's fees, valuation matters, pursuit of recovery proceedings and related proceeds, and institution or continuation of suits; membership and voting are proportionate to admitted claims with specified exclusions; representatives may access relevant records; committee recommendations need a qualified majority and are advisory only, with the liquidator required to record and submit reasons if he departs from advice and the committee empowered to propose replacement of the liquidator subject to safeguards.
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