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of <h1>Regulation 33: Liquidation Process Allows Auction or Private Sale with Conditions; Prohibits Unauthorized Related Party Transactions</h1> Regulation 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, outlines the mode of sale for the assets of a corporate debtor. Generally, assets are sold through auction as specified in Schedule I. Private sales are permitted only after consulting with the consultation committee and under specific conditions, such as when assets are perishable or likely to lose value, or with prior adjudicating authority approval. Private sales to related parties or professionals without permission are prohibited. The liquidator must halt sales if collusion is suspected and report to the adjudicating authority.
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