Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697803733143.pdf (India)
Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2021.

The liquidator has been empowered with greater autonomy during liquidation process, comparable to the resolution professional during CIRP.

The participation of stakeholders is not much elaborated in the Code.
The liquidation regulations provide for a consultation committee known as stakeholders’ consultation committee (SCC), which has representation from secured financial creditors, unsecured financial creditors, workmen and employees, government, other operational creditors, and shareholder/partners to advice the liquidator on matters relating to sale.
Though the advice of this committee is not binding on the liquidator, consultation process on important issues, addresses the issue related to information asymmetry and therefore ensures effective participation of stakeholders.

The amendment expands the scope of consultation to cover all aspects related to sale of assets and appointment of professionals.

The amendment regulations also provide for manner of selection of representatives of stakeholders in SCC.
Press releases can be found on the link below: https://ibbi.gov.in//uploads/press/7d2e741e1de66880b3b9fbbed3c94410.pdf