Liquidation sale process upheld where reserve price cuts followed the regulations and no procedural breach was shown.

The liquidation regulations permit auction sale of assets and allow reserve price reductions after an unsuccessful auction, initially by up to 25% and thereafter by not more than 10% at a time. Applying that framework, the Tribunal noted that the stakeholder was aware of the successive reductions through consultation meetings and produced no documentary material showing breach of the sale procedure, valuation requirements, or reporting obligations. The sale had been completed, full consideration received, and the sale certificate issued, so interference was unwarranted in the time-bound insolvency process. The challenge was also treated as belated, and no ground was made out to set aside the sale.

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Issues: Whether the liquidator's reduction of the reserve price and conduct of the e-auction in the liquidation process violated the liquidation regulations so as to warrant interference with the completed sale.

Analysis: The auction process was tested against the liquidation framework governing sale of assets, mode of sale, valuation, and reporting obligations. The liquidation regulations permit sale by auction and allow reduction of the reserve price where an auction fails, first up to twenty-five percent and thereafter by not more than ten percent at a time. The record showed that the appellant participated in the stakeholders' consultation meetings and was aware of the successive reductions in reserve price. No documentary material established any breach of the prescribed sale procedure or valuation requirements. The sale was completed, the full consideration was received, and the sale certificate had already been issued. In the context of the time-bound nature of insolvency proceedings, the challenge was also found to be belated.

Conclusion: The reduction in reserve price and the auction sale were held to be in accordance with the liquidation regulations, and no ground was made out to set aside the sale.

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