CONDUCT OF THE FAST TRACK PROCESS - Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017
CONDUCT OF THE FAST TRACK PROCESS - Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017
Regulation 28 - Sale of assets outside the ordinary course of business
Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 Chapter VIII CONDUCT OF THE FAST TRACK PROCESS
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Sale of assets outside ordinary course - committee approval required; purchaser obtains free and marketable title. Resolution professional may sell unencumbered assets outside the ordinary course if necessary for better realisation; aggregate book value of assets sold ... Summary
Sale of assets outside ordinary course - committee approval required; purchaser obtains free and marketable title.
Resolution professional may sell unencumbered assets outside the ordinary course if necessary for better realisation; aggregate book value of assets sold during the fast track period shall not exceed ten percent of total claims admitted by the interim resolution professional; such sale requires committee approval; a bona fide purchaser acquires free and marketable title notwithstanding constitutional documents, shareholders' agreements, joint venture agreements or similar instruments.
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