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NCLAT set aside NCLT's approval of private sale of corporate debtor's assets to related party at undervalued rates, finding violation of mandatory Regulation 33 of IBBILPR 2016. The liquidator conducted private sale without prior tribunal permission, failed to meet statutory exceptions for private sales, and sold assets worth Rs 67-68 crores for Rs 58.59 crores to related party. NCLAT held that private sales require specific circumstances or prior permission under Regulation 33(2), which were absent. The tribunal ordered appointment of new liquidator within 15 days to restart liquidation process through proper auction procedures, emphasizing mandatory compliance with regulations for transparency and recovery maximization.
NCLAT set aside NCLT's approval of private sale of corporate debtor's assets to related party at undervalued rates, finding violation of mandatory Regulation 33 of IBBILPR 2016. The liquidator conducted private sale without prior tribunal permission, failed to meet statutory exceptions for private sales, and sold assets worth Rs 67-68 crores for Rs 58.59 crores to related party. NCLAT held that private sales require specific circumstances or prior permission under Regulation 33(2), which were absent. The tribunal ordered appointment of new liquidator within 15 days to restart liquidation process through proper auction procedures, emphasizing mandatory compliance with regulations for transparency and recovery maximization.
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