Section 33(2) in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
(2)The liquidator may sell the assets of the corporate debtor by means of private sale in the manner specified in Schedule I when-(a)the asset is perishable;(b)the asset is likely to deteriorate in value significantly if not sold immediately;(c)the asset is sold at a price higher than the reserve price of a failed auction; or(d)the prior permission of the Adjudicating Authority has been obtained for such sale:Provided that the liquidator shall not sell the assets, without prior permission of the Adjudicating Authority, by way of private sale to-(a)a related party of the corporate debtor;(b)his related party; or(c)any professional appointed by him.
