TaxTMI 
TaxTMI 
MODE OF SALE
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....auction, within fifteen days from the last failed auction unless the consultation committee advises to deviate from the specified time period. (1C) Notwithstanding anything contained in this Schedule, the liquidator shall complete an auction process within thirty-five days from the issue of public notice for auction. (1D) 12[****] 13[(1E) The liquidator shall provide to the prospective bidder, access of the assets under auction to facilitate their inspection and due diligence.] (1F) A prospective bidder in an auction process shall deposit earnest money deposit at least up to two days before the date of auction.] (2) The liquidator shall prepare a marketing strategy, with the help of marketing professionals, if required, for sale of the....
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....gulation 12(3)(a) keeping in view the value of the asset intended to be sold by auction. 14[(5A) The public notice shall state that prospective bidders shall submit an undertaking that they do not suffer from any ineligibility under section 29A of the Code to the extent applicable and that if found ineligible at any stage, the earnest money deposited shall be forfeited.] (6) The liquidator shall provide all assistance necessary for the conduct of due diligence by interested buyers. 7[(7) From a date to be notified through circular by the Board, the liquidator shall sell the assets only through an electronic auction platform empanelled by the Board.] (8) If the liquidator is of the opinion that a physical auction is likely to maximize th....
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.... cancelled if the payment is not received within the period provided under this clause.] 15[(12A) Within three days of declaring the highest bidder, the liquidator shall conduct due diligence and verify the eligibility of the highest bidder. (12B) The liquidator shall present the auction results, details of highest bidder, and the due diligence conducted on it to the consultation committee under regulation 31A. (12C) The liquidator shall declare the highest bidder as the successful bidder or reject such bid, after consultation with the consultation committee under regulation 31A. (12D) If a bidder is found ineligible, the earnest money deposited by him shall be forfeited. (12E) In case the highest bidder is found ineligible, the liquid....
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....n 34. Such valuation shall not be more than six months old. However, in the event that an auction fails at such price, the liquidator may reduce the reserve price up to seventy-five per cent of such value to conduct subsequent auctions." 2. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG047 dated 25-07-2019 before it was read as "(12) On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within fifteen days of the date when he is invited to provide the balance sale consideration. On payment of the full amount, the sale shall stand completed, the liquidator shall execute certificate of sale or sale deed to transfer such assets and the assets shall be delivered to him in the mann....