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Union of India - Section
Section 31A in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
31A. [ Stakeholders' consultation committee. [Inserted by Notification No. IBBI/2019-20/GN/REG047, dated 25.7.2019 (w.e.f. 15.12.2016).]
| Class of Stakeholders | Description | Number of Representatives |
| (1) | (2) | (3) |
| Secured financial creditors, who haverelinquished their security interests under section 52 | Where claims of such creditors admitted duringthe liquidation process is less than 50% of liquidation value | Number of creditors in the category, subject toa maximum of 2 |
| Where claims of such creditors admitted duringthe liquidation process is at least 50% of liquidation value | Number of creditors in the category, subject toa maximum of 4 | |
| Unsecured financial creditors | Where claims of such creditors admitted duringthe liquidation process is less than 25% of liquidation value | Number of creditors in the category, subject toa maximum of 1 |
| Where claims of such creditors admitted duringthe liquidation process is at least 25% of liquidation value | Number of creditors in the category, subject toa 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 duringthe liquidation process is less than 25% of liquidation value | Number of creditors in the category, subject toa maximum of 1 |
| Where claims of such creditors admitted duringthe liquidation process is at least 25% of liquidation value | Number of creditors in the category, subject toa maximum of 2 | |
| Shareholders or partners, if any | 1 |