NCLT rejects Private Sale by Liquidator for Lack of Maximization Strategy for Asset Realization

Kotak Mahindra Bank Vs Parekh Aluminex Limited (NCLT Mumbai)  NCLT Mumbai held that the private sale has to be conducted by the liquidator in a manner so as to maximize the realizations from the sale of assets. Since strategy to maximize realisation from sale of assets absent. Facts- This Application has been filed by the Applicant, the Liquidator seeking permission to sell 5.54% Equity Stake held by the Corporate Debtor in Trishakti Power Private Limited under a Private Sale as per Regulation 33(2) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidati...