Regulation 29 - Sale of assets outside the ordinary course of business.
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 Chapter VIII CONDUCT OF CORPORATE INSOLVENCY RESOLUTION PROCESS
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Sale of corporate assets outside ordinary course: committee approval required and purchaser receives marketable title for better realisation. Resolution professional may sell unencumbered assets outside the ordinary course of business for better realisation of value, subject to an aggregate book value cap of ten percent of total admitted claims; such sales require committee approval by sixty-six per cent of voting share and confer a free and marketable title on a bona fide purchaser despite constitutional or similar agreements.
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 corporate assets outside ordinary course: committee approval required and purchaser receives marketable title for better realisation.
Resolution professional may sell unencumbered assets outside the ordinary course of business for better realisation of value, subject to an aggregate book value cap of ten percent of total admitted claims; such sales require committee approval by sixty-six per cent of voting share and confer a free and marketable title on a bona fide purchaser despite constitutional or similar agreements.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.