33. Mode of sale.
(1) The liquidator shall ordinarily sell the assets of the corporate debtor in the manner specified in
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 in the manner specified in when-
(a) the asset is perishable;
(b) the asset is likely to deteriorate in value significantly if not sold immediately;
(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.
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.
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.