33. Mode of sale.
(1) The liquidator shall ordinarily sell the assets of the corporate debtor through an auction1. Refer IBBI Circular regarding mandatory use of Baanknet (formerly eBKray) Auction Platform for Liquidation dated 28.03.2025 effective 01.04.2025. To view the Circular, Click Here.
2. Refer IBBI Circular regarding mandatory use of eBKray Auction Platform for Liquidation Processes dated 10.01.2025 effective 31.03.2025. To view the Circular, Click Here.
3. Refer IBBI Circular regarding Centralized Electronic Listing and Auction Platform for the Sale of Assets under Liquidation Process dated 29.10.2024 effective 01.11.2024. To view the Circular, Click Here. in the manner specified in Schedule I.To view the schedule,Click Here
Provided thatInserted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026 dated 01.06.2026. To view the notification, Click Here the liquidator shall not sell the assets without prior permission of the Adjudicating Authority under this sub-regulation to:
(a) a related party of the corporate debtor subject to proviso to clause (f) of sub-section (1) of Section 35;
(b) his related party; or
(c) any professional appointed by him.
(2) The liquidator may sell the assets of the corporate debtor by means of private sale only after prior consultation with the consultation committee under regulation 31A, in the manner specified in Schedule ISubstituted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024 dated 12.02.2024. To view the notification, Click here. private sale in the manner specified in Schedule I.To view the schedule,Click Here when-
(a) the asset is perishable;
(b) the asset is likely to deteriorate in value significantly if not sold immediately; orInserted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024 dated 12.02.2024. To view the notification, Click here.
(c) the asset is sold at a price higher than the reserve price of a failed auction; orOmitted vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024 dated 12.02.2024. To view the notification, Click here.
(d) the prior permission of the Adjudicating Authority has been obtained for such sale:
Provided that the liquidator shall not sell the assets, without prior permission of the Adjudicating Authority, by way of private sale to-
(a) a related party of the corporate debtor;
(b) his related party; or
(c) any professional appointed by him.
(2)Substituted vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2026 dated 01.06.2026. To view the notification, Click Here The liquidator may sell the assets of the corporate debtor by means of private sale only after prior approval of the committee with voting share of sixty six per cent., in the manner specified in Schedule I when-
(a)the asset is perishable;
(b)the asset is likely to deteriorate in value significantly if not sold immediately; or
(c)the permission of the Adjudicating Authority has been obtained for such sale:
Provided that the liquidator shall not sell the assets, by way of private sale to-
(a)a related party of the corporate debtor;
(b)his related party; or
(c)any professional appointed by him.
(3) The liquidator shall not proceed with the sale of an asset if he has reason to believe that there is any collusion between the buyers, or the corporate debtor’s related parties and buyers, or the creditors and the buyer, and shall submit a report to the Adjudicating Authority in this regard, seeking appropriate orders against the colluding parties.