Stakeholders’ consultation committee (Omitted)

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....stituted vide Notification No. IBBI/2021-22/GN/REG079 dated 30-09-2021 before it was read as,  "(4)  If the stakeholders of any class fail to nominate their representatives, the required number of stakeholders with the highest claim amount in that class shall be included in the consultation committee." 4.  Inserted vide Notification No. IBBI/2021-22/GN/REG079 dated 30-09-2021 5.  Inserted vide Notification No. IBBI/2022-23/GN/REG082 dated 28-04-2022 6.  Substitute vide Notification No. IBBI/2022-23/GN/REG094 dated 16-09-2022, before it was read as :-  "(1) The liquidator shall constitute a consultation committee within sixty days from the li....

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....Unsecured financial creditors Where claims of such creditors admitted during the liquidation process is less than 25% of liquidation value Where claims of such creditors admitted during the liquidation process is at least 25% of liquidation value Number of creditors in the category, subject to a maximum of 1 Number of creditors in the category, subject to a maximum of 2 Workmen and employees 1 1 Governments 1 1 Operational creditors other than Workmen, employees and Governments  Where claims of such creditors admitted during the liquidation process is less than 25% of liquidation value Number of creditors in the category, subject to a maximum of 1 Where claims of such creditors admitted during the....

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....No. IBBI/2023-24/GN/REG112 dated 12-02-2024 17. Inserted vide Notification No. IBBI/2023-24/GN/REG112 dated 12-02-2024 18. Inserted vide Notification No. IBBI/2023-24/GN/REG112 dated 12-02-2024 19. Inserted vide Notification No. IBBI/2023-24/GN/REG112 dated 12-02-2024 20.  Omitted vide F. No. IBBI/2025-26/GN/REG129 dated 14-10-2025 before it was read as,  "^16[(f) review of marketing strategy in case of failure of sale of corporate debtor as a going concern;" 21.  Omitted vide F. No. IBBI/2026-27/GN/REG151 dated 01-06-2026 w.e.f. 02-06-2026 before it was read as, "^1[31A. Stakeholders' consultation committee. ^2[^6[((1) The liquidator shall constitute a con....

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....proportion to his admitted claim in the total admitted claim: Provided a secured creditor who has not relinquished his security interest under section 52 shall not be part of the consultation committee; Provided that the promoters, directors, partners or their representatives may attend the meeting of the consultation committee, but shall not have any right to vote. Provided further that a financial creditor or his representative, if he is a related party of the corporate debtor, shall not have right to vote.] ^9[(3) The liquidator may facilitate the stakeholders of each class namely financial creditors in a class, workmen, employees, government departments, other operational creditors, shareholders, part....

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....ast one meeting in each quarter.] ^18[(6A) In all cases where the liquidator proposes to continue or initiate any legal proceeding, he shall, after presenting the economic rationale for the proposal, seek the advice of the consultation committee. (6B) In every meeting, the liquidator shall present to the consultation committee: (a) the actual liquidation cost along with reasons for exceeding the estimated cost, if any; (b) the consolidated status of all the legal proceedings; and (c) the progress made in the process.] (7) The liquidator shall chair the meetings of consultation committee and record deliberations of the meeting. (8) The liquidator shall place the recomme....