Committee of creditors supervision expands into liquidation, with non-voting creditor attendance and transitional application rules. A new sub-section is inserted in section 21 so that, where liquidation of a corporate debtor is initiated under Chapter III, the committee of creditors shall also supervise the liquidation process conducted by the liquidator, and sections 21 and 24 apply as the context requires. The Board may permit other classes of creditors to attend committee meetings during liquidation without voting rights. The amended provisions apply to liquidation processes initiated after commencement and to ongoing liquidation processes where no application under section 54 has been made, with the committee of creditors continuing for the remainder of such liquidation.
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Committee of creditors supervision expands into liquidation, with non-voting creditor attendance and transitional application rules.
A new sub-section is inserted in section 21 so that, where liquidation of a corporate debtor is initiated under Chapter III, the committee of creditors shall also supervise the liquidation process conducted by the liquidator, and sections 21 and 24 apply as the context requires. The Board may permit other classes of creditors to attend committee meetings during liquidation without voting rights. The amended provisions apply to liquidation processes initiated after commencement and to ongoing liquidation processes where no application under section 54 has been made, with the committee of creditors continuing for the remainder of such liquidation.
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