Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

Regulation 32. Sale of Assets, etc

⁶³[Sale of Assets, etc The liquidator may sell-

(a)

an asset on a standalone basis;

(b)

the assets in a slump sale;

(c)

a set of assets collectively; ⁶⁴[or]

(d)

the assets in parcels ⁶⁵[:] ⁶⁶[] Provided that where an asset is subject to security interest, it shall not be sold under any of the clauses

(a)

to ⁶⁷[

(d)

] unless the security interest therein has been relinquished to the liquidation estate.] ⁶⁸[Clarification: It is hereby clarified that the liquidator shall not sell any immovable and movable property or actionable claims of the corporate debtor in liquidation to any person who is ineligible to be a resolution applicant under section 29A.] ⁶⁹[***] ⁷⁰[***] Regulation 32, prior to substitution it stood as under: “[32. Manner of sale. The liquidator may

(a)

sell an asset on a standalone basis; or

(b)

sell

(i)

the assets in a slump sale,

(ii)

a set of assets collectively, or ⁶³[

(iii)

the assets in parcels; or;] ⁶³[

(c)

sell the corporate debtor as a going concern.]”

⁶³ Substituted by Notification No. IBBI/2018-19/GN/REG037, dated 22nd October, 2018 (w.e.f. 22-10-2018).

⁶⁴ Inserted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).

⁶⁵ Substituted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025). Prior to substitution, it stood as “:”.

⁶⁶ Omitted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).

⁶⁷ Substituted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025). Prior to substitution, it stood as “(f)”.

⁶⁸ Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).

⁶⁹ Omitted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).

⁷⁰ Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “[32B Conduct of meetings of the consultation committee. Save as otherwise provided under Chapter III of Part II of the Code and these Regulations, the provisions of regulations 18 to 26 of Chapter VI and Chapter VII of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 shall apply mutatis mutandis to meetings of the consultation committee under liquidation proceedings]”.

Regulation 32. Sale of Assets, etc

⁶³[Sale of Assets, etc The liquidator may sell-

(a)

an asset on a standalone basis;

(b)

the assets in a slump sale;

(c)

a set of assets collectively; ⁶⁴[or]

(d)

the assets in parcels ⁶⁵[:] ⁶⁶[] Provided that where an asset is subject to security interest, it shall not be sold under any of the clauses

(a)

to ⁶⁷[

(d)

(a)

sell an asset on a standalone basis; or

(b)

sell

(i)

the assets in a slump sale,

(ii)

a set of assets collectively, or ⁶³[

(iii)

the assets in parcels; or;] ⁶³[

(c)

sell the corporate debtor as a going concern.]”

⁶³ Substituted by Notification No. IBBI/2018-19/GN/REG037, dated 22nd October, 2018 (w.e.f. 22-10-2018).

⁶⁴ Inserted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).

⁶⁵ Substituted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025). Prior to substitution, it stood as “:”.

⁶⁶ Omitted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).

⁶⁷ Substituted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025). Prior to substitution, it stood as “(f)”.

⁶⁸ Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).

⁶⁹ Omitted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).

⁶³ Substituted by Notification No. IBBI/2018-19/GN/REG037, dated 22nd October, 2018 (w.e.f. 22-10-2018).

⁶⁴ Inserted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).

⁶⁵ Substituted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025). Prior to substitution, it stood as “:”.

⁶⁶ Omitted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).

⁶⁷ Substituted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025). Prior to substitution, it stood as “(f)”.

⁶⁸ Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).

⁶⁹ Omitted by Notification No. IBBI/2025-26/GN/REG129, dated 14th October, 2025 (w.e.f. 14-10-2025).

Regulation 32

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