The proposals shift the framework from a Stakeholders’ Consultation Committee to a Committee of Creditors (CoC), granting it supervisory authority, approval powers, and the ability to replace the liquidator. A strict 180-day timeline for liquidation is introduced, along with streamlined claim verification by carrying forward CIRP claims. The liquidator fee structure is rationalised, reporting requirements are simplified, and key decisions require CoC approval. The provisions also deals with asset sales, guarantor asset transfers, and treatment of unremitted statutory dues as trust assets excluded from the liquidation estate.