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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 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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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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