Section 27(4) in Insolvency And Bankruptcy Board Of India (Bankruptcy Process For Personal Guarantors To Corporate Debtors) Regulations, 2019
(4)The bankruptcy trustee shall not proceed with a sale, if he has reason to believe that there is any collusion amongst any one or more of the following persons: -(a)the buyers;(b)the bankrupt;(c)the creditors;(d)associates of the bankrupt or creditors;(e)the corporate debtor; or(f)related party of the corporate debtor, and shall submit a report to the Adjudicating Authority for appropriate orders.
