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of <h1>IBBI Sets New Reporting Rules for Liquidators Deviating from SCC Advice Under Regulation 31A, Liquidation Process Regulations 2016.</h1> The circular from the Insolvency and Bankruptcy Board of India (IBBI) addresses the procedure for liquidators to report decisions that differ from the advice of the Stakeholders' Consultation Committee (SCC) under regulation 31A of the Liquidation Process Regulations, 2016. It specifies that while the SCC's advice is non-binding, any deviation by the liquidator must be documented with reasons and submitted to the Adjudicating Authority and the Board within five days. An electronic platform has been established for this reporting, and a proforma is provided for compliance. This directive is issued under section 196 of the Insolvency and Bankruptcy Code, 2016.
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