Regulation 47 guides corporate debtor property auctions in liquidation, offering a flexible Model Timeline for efficient completion.

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....Liquidation proceedings - Period of limitation - Auction of property of the corporate debtor - It is pertinent to mention that Liquidation Process Regulation 47 deals with the Model Timeline for Liquidation Process. Model Timeline is only a directory in nature. It cannot be considered a deadline. It is provided under Regulation as a guiding factor to complete the liquidation process in a time-bound manner. In exceptional circumstances, such a time limit can be extended. - AT....