Regulation 18 - Purchase of assets by certain persons
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 Chapter V REPAYMENT PLAN
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Restrictions on purchase of guarantor property require adjudicating authority permission, otherwise the acquisition may be set aside. Regulation 18 bars specified persons from directly or indirectly purchasing any interest in a guarantor's property without the Adjudicating Authority's permission, listing resolution professionals, their partners or directors, professionals appointed in the resolution process, creditors, companies where the guarantor or a creditor is promoter or director, and associates; the Adjudicating Authority may set aside any acquisition made contrary to this prohibition and issue appropriate orders.
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.
Restrictions on purchase of guarantor property require adjudicating authority permission, otherwise the acquisition may be set aside.
Regulation 18 bars specified persons from directly or indirectly purchasing any interest in a guarantor's property without the Adjudicating Authority's permission, listing resolution professionals, their partners or directors, professionals appointed in the resolution process, creditors, companies where the guarantor or a creditor is promoter or director, and associates; the Adjudicating Authority may set aside any acquisition made contrary to this prohibition and issue appropriate orders.
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