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Judgment
IA-5761/2022: An application filed by the Liquidator seeking approval for sale of Sundry Receivables of the Corporate Debtor to Mr. Bala Subrahmanyam for an amount of Rs. 25,500/- as private sale pursuant to Regulation 33(2)(d) of the IBBI (Liquidation Process) Regulations, 2016.
When we perused the application, in para 'E' we find that the Liquidator has indicated the total value of the assets to the tune of Rs. 14,22,110/- as on 11.03.2021. Since we notice a huge reduction in value, we are not inclined to permit the sale. The Liquidator is directed to undertake a proper publication of the sundry receivables identified for sale in two national newspapers having wide circulation and file the affidavit of compliance within 15 days.
List the matter on 08.12.2022.