TMI BlogMODE OF SALEX X X X Extracts X X X X X X X X Extracts X X X X ..... notice for the next auction, in case of failure of the 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) The liquidator shall provide at least fourteen days from issue of public notice for submission of eligibility documents by prospective bidder. (1E) The liquidator shall provide to qualified bidder at least seven days, for inspection or due diligence of assets under auction, from the date of declaration of qualified bidder. (1F) A prospective bidder in an au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to twenty-five percent, once during the process. ] (5) The liquidator shall 4 [ issue a public notice ] of an auction in the manner specified in Regulation 12(3); Provided that the liquidator may apply to Adjudicating Authority to dispense with the requirement of Regulation 12(3)(a) keeping in view the value of the asset intended to be sold by auction. (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther that the sale shall be cancelled if the payment is not received within the period provided under this clause. ] (13) 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 manner specified in the terms of sale. ] 2. Private Sale (1) Where an asset is to be sold through private sale, a liquidator shall conduct the sale in the manner specified herein. (2) The liquidator shall prepare a strategy to approach interested buyers for assets to be sold by private sale. (3) Private sale may be conducted through directly liaising with potential buyers or their agents, through retail shop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nserted vide Notification No. IBBI/2021-22/GN/REG079 dated 30-09-2021 4. Substituted vide Notification No. IBBI/2021-22/GN/REG079 dated 30-09-2021 before it was read as make a public announcement 5. Inserted vide Notification No. IBBI/2021-22/GN/REG079 dated 30-09-2021 (11A) Where the liquidator rejects the highest bid in an auction process, he shall intimate the reasons for such rejection to the highest bidder and mention it in the next progress report. 6. Inserted vide Notification No. IBBI/2022-23/GN/REG094 dated 16-09-2022 , 7. Substitute vide Notification No. IBBI/2022-23/GN/REG094 dated 16-09-2022 , before it was read as :- (7) The liquidator shall sell the assets through an electronic auction on an onli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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