Committee of creditors recommendation governs liquidator appointment through a sixty-six per cent voting threshold and authority consideration. Committee of creditors must, before the liquidation order is passed, recommend an insolvency professional from the Board's panel for appointment as liquidator. The recommendation must be supported by at least sixty-six per cent of the committee's voting share. The Adjudicating Authority must consider that recommendation while appointing the liquidator.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Committee of creditors recommendation governs liquidator appointment through a sixty-six per cent voting threshold and authority consideration.
Committee of creditors must, before the liquidation order is passed, recommend an insolvency professional from the Board's panel for appointment as liquidator. The recommendation must be supported by at least sixty-six per cent of the committee's voting share. The Adjudicating Authority must consider that recommendation while appointing the liquidator.
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