Sub-regulation (1) of regulation 31A of the IBBI (Liquidation Process) Regulations, 2016 (Liquidation Regulations) provides that the liquidator shall constitute an SCC to advise him on matters relating to remuneration of professionals, sale under regulation 32, fees of the liquidator, valuation, etc. Sub-regulation (10) of regulation 31A as amended vide notification dated 16.09.2022, provides that the ‘… advice of the consultation committee shall not be binding on the liquidator’. The proviso to sub-regulation (10) provides that ‘where the liquidator takes a decision different from the advice given by the consultation committee, he shall record the reasons for the same in writing and submit the records relating to the said decision, to the Adjudicating Authority and to the Board within five days of the said decision; and include it in the next progress report.’
In pursuance of the above, the Insolvency and Bankruptcy Board of India has made an electronic platform available at the Insolvency and Bankruptcy Board of India has made an electronic platform available at www.ibbi.gov.in, for reporting the liquidator’s decisions different from the advice the SCC gave. The proforma for such reporting is placed as Annexure.
The insolvency professionals are directed to use the aforesaid proforma for reporting to the Board and Adjudicating Authority, under proviso to sub-regulation (10) of regulation 31A.
Proforma for Reporting Liquidator’s Decision(s) different from the Advice of Stakeholders’ Consultation Committee
(Under proviso to Regulation 31A (10) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)
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Date of meeting of consultation committee | |
Agenda(s) on which decision of liquidator is different from the advice given by consultation committee | |
Summary of advice provided by consultation committee | |
Justification for taking the decision different from the advice by consultation committee | |
Voting results | |
• Assent (%) | |
• Dissent (%) | |
• Did not vote (%) | |
Minutes of the consultation committee | |
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