1. Insolvency and Bankruptcy Board of India vide circular no. No. IBBI/LIQ/57/2022 dated 21st December 2022 notified the Proforma for reporting liquidator’s decision(s) different from the advice of Stakeholders’ Consultation Committee (SCC) under proviso to sub-regulation (10) of regulation 31A of IBBI (Liquidation Process) Regulations, 2016.
2. Liquidator taking decision different from advice of SCC is required to notify the boad and the Adjudicating Authority about the records relating to such decisions and reasons for taking different decisions within 5 days of said decisions and also include it in the next progress report.
3. Information in proforma includes date of meeting of SCC, agenda on which liquidator decision is different from the SCC,summary of advice given by SCC and justification for taking different decisions.
Proforma:
