Insolvency and Bankruptcy Board of India vide circular dated 21st December 2022 has published the Proforma for reporting liquidator’s decision(s) different from the advice of Stakeholders’ Consultation Committee (SCC). 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.
The insolvency professionals are directed to make use of the aforesaid proforma for reporting to the Board and Adjudicating Authority.
