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Regulation Schedule I. Schedule I
MODE OF SALE (Under Regulation 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016) 1. AUCTION (1) Where an asset is to be sold through auction, a liquidator shall do so the in the manner specified herein. 139[ 140[***] (1B) The liquidator shall issue public notice for the next auction, in case of failure of the auction, within fifteen days from the last failed auction unless the 141[] committee 142[decides] 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. 143[ ****] 144[(1E) The liquidator shall provide to the prospective bidder, access of the assets under auction to facilitate their inspection and due diligence.] 139 Inserted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). 140 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:- “(1A) Subject to provisions of regulation 2B, the liquidator shall issue a public notice of an auction for sale under regulation 32 within forty-five days from the liquidation commencement date unless the consultation committee advises to extend the timeline.” 141 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”. 142 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as, “advises”. 143 Omitted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025). 144 Substituted vide Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025). Prior to substitution, it stood as “(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 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 asset. The strategy may include- (a) releasing advertisements; (b) preparing information sheets for the asset; (c) preparing a notice of sale; and (d) liaising with agents. (3) The liquidator shall prepare terms and conditions of sale, including reserve price, earnest money deposit as well as pre-bid qualifications, if any. 145[Provided that the liquidator shall not require payment of any non-refundable deposit or fee for participation in an auction under the liquidation process: Provided further that the earnest money deposit shall not exceed ten percent. of the reserve price.] 146[Provided further that the liquidator shall mention in the auction notice, the period extended under clause (h) of sub-regulation (1) of regulation 31A.] (4) 147[The reserve price shall be the value of the asset arrived at in accordance with regulation 35 and where an auction fails, the reserve price in subsequent auctions may be further reduced 148[, with the approval of the committee,] by not more than ten percent at a time: 149[***.]]. 145 Inserted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021). 146 Inserted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February,2024 (w.e.f. 12.02.2024). 147 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024), prior to substitution it stood as: “(4) The reserve price shall be the value of the asset arrived at in accordance with regulation 35. (4A) Where an auction fails at the reserve price, the liquidator may reduce the reserve price by up to twenty five percent of such value to conduct subsequent auction. (4B) Where an auction fails at reduced price under clause (4A), the reserve price in subsequent auctions may be further reduced by not more than ten percent at a time.”. 148 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 149 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:- “Provided that in cases where the reserve price of the failed auction of the asset was fixed as per the valuation under sub-regulation (1) of regulation 35, the liquidator may, on the advice of the consultation committee, reduce the reserve price up to twenty-five percent, once during the process.”
(5) The liquidator shall 150[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. 151[(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) 152[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 the realization from the sale of assets and is in the best interests of the creditors, he may sell assets through a physical auction after obtaining the permission of the Adjudicating Authority. The liquidator may engage the services of qualified professional auctioneers specializing in auctioning such assets for this purpose. (9) An auction shall be transparent, and the highest bid at any given point shall be visible to the other bidders. (10) If the liquidator is of the opinion that an auction where bid amounts are not visible is likely to maximize realizations from the sale of assets and is in the best interests of the creditors, he may apply, in writing, to the Adjudicating Authority for its permission to conduct an auction in such manner. (11) If required, the liquidator may conduct multiple rounds of auctions to maximize the realization from the sale of the assets, and to promote the best interests of the creditors. 150 Substituted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021). Prior to substitution, it stood as under: “make a public announcement”. 151 Inserted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January, 2025 (w.e.f. 29-01-2025). 152 Substituted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). Prior to substitution it stood as under: “The liquidator shall sell the assets through an electronic auction on an online portal, if any, designated by the Board, where the interested buyers can register, bid and receive confirmation of the acceptance of their bid online”.
153[(11A) Where the liquidator 154[with the approval of the committee with voting share of sixty-six per cent.] 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.] (12) 155[On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days or such period as mentioned in the auction notice under clause 3, of the date of such demand: Provided that payments made after thirty days shall attract interest at the rate of twelve per cent.: Provided further that the sale shall be cancelled if the payment is not received within the period provided under this clause.] 156[(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 157[] committee 158[]. (12C) The liquidator shall declare the highest bidder as the successful bidder or reject such bid, after 159[the approval of the committee with voting share of sixty-six per cent.] 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, 160[the liquidator may, with the approval of the committee with voting share of sixty-six per cent.], declare the next highest bidder as the successful bidder after following the same process as provided under clause (12A) to clause (12E).] 153 Inserted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021). 154 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 155 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024), prior to substitution it stood as: “On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days of the date of such demand: Provided that payments made after thirty days shall attract interest at the rate of 12%: Provided further that the sale shall be cancelled if the payment is not received within ninety days.” 156 Inserted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January, 2025 (w.e.f. 29-01-2025). 157 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”. 158 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:- “under regulation 31A”. 159 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “consultation with the consultation committee”. 160 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:- “the liquidator may, in consultation with the consultation committee”.
(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 161[with the approval of the committee with voting share of sixty-six per cent] 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 shops, or through any other means that is likely to maximize the realizations from the sale of assets. 162[(3A) The private sale shall be confirmed to the buyer 163[ in compliance with regulation 33].] (4) The sale shall stand completed in accordance with the terms of sale. (5) Thereafter, the assets shall be delivered to the purchaser, on receipt of full consideration for the assets, in the manner specified in the terms of sale. 164[***] 161 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 162 Inserted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February,2024 (w.e.f. 12.02.2024). 163 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: “after consultation with the consultation committee under regulation 33”. 164 Omitted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).
MODE OF SALE (Under Regulation 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016) 1. AUCTION (1) Where an asset is to be sold through auction, a liquidator shall do so the in the manner specified herein. 139[ 140[***] (1B) The liquidator shall issue public notice for the next auction, in case of failure of the auction, within fifteen days from the last failed auction unless the 141[] committee 142[decides] 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. 143[ ****] 144[(1E) The liquidator shall provide to the prospective bidder, access of the assets under auction to facilitate their inspection and due diligence.] 139 Inserted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). 140 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:- “(1A) Subject to provisions of regulation 2B, the liquidator shall issue a public notice of an auction for sale under regulation 32 within forty-five days from the liquidation commencement date unless the consultation committee advises to extend the timeline.” 141 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”. 142 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as, “advises”. 143 Omitted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025). 144 Substituted vide Notification No. IBBI/2024-25/GN/REG121, dated 28th January 2025 (w.e.f. 29-01-2025). Prior to substitution, it stood as “(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 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 asset. The strategy may include- (a) releasing advertisements; (b) preparing information sheets for the asset; (c) preparing a notice of sale; and (d) liaising with agents. (3) The liquidator shall prepare terms and conditions of sale, including reserve price, earnest money deposit as well as pre-bid qualifications, if any. 145[Provided that the liquidator shall not require payment of any non-refundable deposit or fee for participation in an auction under the liquidation process: Provided further that the earnest money deposit shall not exceed ten percent. of the reserve price.] 146[Provided further that the liquidator shall mention in the auction notice, the period extended under clause (h) of sub-regulation (1) of regulation 31A.] (4) 147[The reserve price shall be the value of the asset arrived at in accordance with regulation 35 and where an auction fails, the reserve price in subsequent auctions may be further reduced 148[, with the approval of the committee,] by not more than ten percent at a time: 149[***.]]. 145 Inserted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021). 146 Inserted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February,2024 (w.e.f. 12.02.2024). 147 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024), prior to substitution it stood as: “(4) The reserve price shall be the value of the asset arrived at in accordance with regulation 35. (4A) Where an auction fails at the reserve price, the liquidator may reduce the reserve price by up to twenty five percent of such value to conduct subsequent auction. (4B) Where an auction fails at reduced price under clause (4A), the reserve price in subsequent auctions may be further reduced by not more than ten percent at a time.”. 148 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 149 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:- “Provided that in cases where the reserve price of the failed auction of the asset was fixed as per the valuation under sub-regulation (1) of regulation 35, the liquidator may, on the advice of the consultation committee, reduce the reserve price up to twenty-five percent, once during the process.”
(5) The liquidator shall 150[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. 151[(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) 152[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 the realization from the sale of assets and is in the best interests of the creditors, he may sell assets through a physical auction after obtaining the permission of the Adjudicating Authority. The liquidator may engage the services of qualified professional auctioneers specializing in auctioning such assets for this purpose. (9) An auction shall be transparent, and the highest bid at any given point shall be visible to the other bidders. (10) If the liquidator is of the opinion that an auction where bid amounts are not visible is likely to maximize realizations from the sale of assets and is in the best interests of the creditors, he may apply, in writing, to the Adjudicating Authority for its permission to conduct an auction in such manner. (11) If required, the liquidator may conduct multiple rounds of auctions to maximize the realization from the sale of the assets, and to promote the best interests of the creditors. 150 Substituted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021). Prior to substitution, it stood as under: “make a public announcement”. 151 Inserted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January, 2025 (w.e.f. 29-01-2025). 152 Substituted by Notification IBBI/2022-23/GN/REG094, dated 16th September, 2022 (w.e.f. 16-09-2022). Prior to substitution it stood as under: “The liquidator shall sell the assets through an electronic auction on an online portal, if any, designated by the Board, where the interested buyers can register, bid and receive confirmation of the acceptance of their bid online”.
153[(11A) Where the liquidator 154[with the approval of the committee with voting share of sixty-six per cent.] 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.] (12) 155[On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days or such period as mentioned in the auction notice under clause 3, of the date of such demand: Provided that payments made after thirty days shall attract interest at the rate of twelve per cent.: Provided further that the sale shall be cancelled if the payment is not received within the period provided under this clause.] 156[(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 157[] committee 158[]. (12C) The liquidator shall declare the highest bidder as the successful bidder or reject such bid, after 159[the approval of the committee with voting share of sixty-six per cent.] 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, 160[the liquidator may, with the approval of the committee with voting share of sixty-six per cent.], declare the next highest bidder as the successful bidder after following the same process as provided under clause (12A) to clause (12E).] 153 Inserted by Notification No. IBBI/2021-22/GN/REG079, dated 30th September, 2021 (w.e.f. 30-09-2021). 154 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 155 Substituted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February, 2024 (w.e.f. 12-02-2024), prior to substitution it stood as: “On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days of the date of such demand: Provided that payments made after thirty days shall attract interest at the rate of 12%: Provided further that the sale shall be cancelled if the payment is not received within ninety days.” 156 Inserted by Notification No. IBBI/2024-25/GN/REG121, dated 28th January, 2025 (w.e.f. 29-01-2025). 157 Omitted by Notification No IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, word stood as, “consultation”. 158 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:- “under regulation 31A”. 159 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “consultation with the consultation committee”. 160 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:- “the liquidator may, in consultation with the consultation committee”.
(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 161[with the approval of the committee with voting share of sixty-six per cent] 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 shops, or through any other means that is likely to maximize the realizations from the sale of assets. 162[(3A) The private sale shall be confirmed to the buyer 163[ in compliance with regulation 33].] (4) The sale shall stand completed in accordance with the terms of sale. (5) Thereafter, the assets shall be delivered to the purchaser, on receipt of full consideration for the assets, in the manner specified in the terms of sale. 164[***] 161 Inserted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). 162 Inserted by Notification No. IBBI/2023-24/GN/REG112, dated 12th February,2024 (w.e.f. 12.02.2024). 163 Substituted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: “after consultation with the consultation committee under regulation 33”. 164 Omitted by Notification No. IBBI/2026-27/GN/REG151, dated 01st June, 2026 (w.e.f. 02-06-2026).