Private sale to related party dismissed as contrary to Regulation 33 of Liquidation Regulations

Bhavik Bhimjyani Vs Uday Vinodchandra Shah (NCLAT Delhi) NCLAT Delhi held that proposed sale in the form of private sale to related party being not in conformity with Regulation 33 of IBBI (Liquidation Regulations), 2016 hence order of Adjudication Authority allowing such private sale is liable to be set aside. Facts- The present Appeal challenges the Impugned Judgment and Order dated 05.12.2023 passed by the Adjudicating Authority by which sale of assets of the Corporate Debtor by way of a private sale to a related party was allowed without considering the objections raised by the Appellant o...