Constitution of Advisory Committee

(1) The Board may, by an order, constitute an Advisory Committee to obtain expert advice on issues relevant for the efficient discharge of its functions.

(2) The Board may constitute the following committees:-

a) Advisory Committee on Service Providers;
b) Advisory Committee on Corporate Insolvency and Liquidation;
c) Advisory Committee on Individual Insolvency and Bankruptcy, and
d) Any other subject specific Advisory Committee as the Board may consider expedient from time to time.

(3) Every order under sub-regulation (1) shall provide for composition of the Advisory Committee and the broad issues under its purview.

(4) An Advisory Committee may advise the Board on any issue under its purview on its own and shall advise and provide professional support on any issue under its purview on a request from the Board.

VL Note : –

(1) An Advisory Committee shall comprise of:-

a) Professional Members, who are eminent academicians or practitioners in the relevant area, and
b) General Members, who are eminent citizens not having direct involvement or interest in the area:

Provided that Professional Members and General Members shall roughly be in the ratio of 2:1.

(2) No person shall be a Member of more than one Advisory Committee at any point of time.

(3) The term of a Member shall not exceed three years:

Provided that a person shall be eligible for reappointment as Member of the same or another Advisory Committee.

(4) The Board shall designate:
a) one of the General Members of the Advisory Committee as its Chairperson; and
b) one of its senior Officers as Secretary to the Advisory Committee and such Secretary shall have right to speak, but not vote on any issue in the meetings of the Advisory Committee.
VL Note : –