Decision for liquidation: committee must record asset and operational factors guiding liquidation applications and submit them with the application. Regulation 40D directs that the committee assess commercial and asset-based factors-including non-operational status, obsolescence, absence of tangible or intangible going-concern value, accumulated losses, depreciation and unrealised investments-when determining liquidation. The committee must record such considerations and the resolution professional must submit that record with the liquidation application to the Adjudicating Authority.