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of <h1>Regulations on Asset Sales in Bankruptcy: Auctions Preferred, Private Sales Allowed for Perishable or Deteriorating Items.</h1> The Insolvency and Bankruptcy Board of India Regulations, 2019, dictate the sale of assets during bankruptcy proceedings for personal guarantors to corporate debtors. Typically, assets are sold via auction, but private sales are permissible for perishable items, assets prone to value deterioration, or if the private sale price exceeds a failed auction's reserve price. Certain individuals, including the bankruptcy trustee, appointed professionals, creditors, and associates, are prohibited from purchasing assets without court approval. If collusion is suspected among buyers, the bankrupt, creditors, or related parties, the trustee must halt the sale and report to the Adjudicating Authority.
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