“The liquidator may modify an entry in the list of stakeholders when he comes across additional information warranting such modification,” a gazette notification said. The liquidator must also inform the Adjudicating Authority about the change within 30 days of making the modification. This came into effect Wednesday.
Under the earlier regime the liquidator could not change this list independently and had to apply to the Adjudicating Authority- usually the National Company Law Tribunal (NCLT)- for modifications.
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The amendment is expected to provide greater flexibility to liquidators in correcting or updating stakeholder records when new documents, claim-related information or other relevant facts emerge during the liquidation process. The stakeholder list records the claims admitted by the liquidator and identifies the creditors and other stakeholders involved in the process. Changes to the list can affect the recognition of claims and participation in consultations during liquidation.