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of <h1>Secured creditors must notify liquidators of asset prices; liquidators have 21 days to find higher offers per Regulation 37.</h1> Regulation 37 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, outlines the process for a secured creditor to realize security interest. The creditor must notify the liquidator of the proposed asset price. The liquidator has 21 days to inform the creditor if a buyer offers a higher price within 30 days. If such a buyer exists, the asset must be sold to them. Otherwise, the creditor may proceed with the sale at the notified price. Costs of identifying buyers are borne by the creditor or liquidator, depending on the realization method. These provisions do not apply if enforcement occurs under specific other acts, and sales to ineligible buyers are prohibited.
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