December 23, 2022
Summary of the Circular issued by IBBI on 21/12/2022
Proforma for reporting liquidator’s decision(s) where it’s different from that of the advice of Stakeholders’ Consultation Committee (SCC) under IBBI (Liquidation Process) Regulations, 2016
This circular is integrated in our free-to-use website ca2013.com.
Click here to view the IBBI Circular.
Regulation 31A of Liquidation Process Regulations requires the liquidator to constitute a SCC to advise him/her on matters relating to remuneration of professionals, valuation, liquidator fees et., and such advise isn’t binding on the liquidator. Where the liquidator takes a decision different from that of the SCC’s advice, he/she shall furnish the reasons for taking such decision to the Adjudicating Authority and the Board, within 5 days of the said decision.
In this connection, the Board has made available an electronic platform at www.ibbi.gov.in, for reporting the liquidator’s decisions different from that of the advice given by the SCC. The prescribed format of the reporting, which captures details including the voting statistics and justification of liquidator’s decision, is annexed to the said circular.