Liquidation asset sale rules limit sale modes, require relinquishment of security interests, and bar ineligible buyers. Liquidation sale of assets may be made on a standalone basis, by slump sale, by a set of assets collectively, or by assets in parcels. If an asset is subject to security interest, it cannot be sold under these modes unless the security interest has been relinquished to the liquidation estate. The liquidator must also not sell immovable or movable property, or actionable claims, to a person ineligible to be a resolution applicant under section 29A.
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.
Liquidation asset sale rules limit sale modes, require relinquishment of security interests, and bar ineligible buyers.
Liquidation sale of assets may be made on a standalone basis, by slump sale, by a set of assets collectively, or by assets in parcels. If an asset is subject to security interest, it cannot be sold under these modes unless the security interest has been relinquished to the liquidation estate. The liquidator must also not sell immovable or movable property, or actionable claims, to a person ineligible to be a resolution applicant under section 29A.
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