Regulation 33(2)(d) mandates liquidator to obtain prior permission for conduct of private sale

Orissa Alloy Steel Private Limited Vs S M Steels And Power Limited (NCLAT Delhi) NCLAT Delhi held that in terms of regulation 33(2)(d) of the Liquidation Process Regulations [LPR], liquidator is required to obtain prior permission of the Adjudicating Authority for conduct of private sale. Here, since prior permission is not obtained the same tantamount to an infraction of LPR. Facts- The present is a set of two appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 which arises out of the Order dated 20.12.2024 passed by the Adjudicating Authority (National Company Law Tribunal...