Section 33(3) in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
(3)The liquidator shall not proceed with the sale of an asset if he has reason to believe that there is any collusion between the buyers, or the corporate debtor's related parties and buyers, or the creditors and the buyer, and shall submit a report to the Adjudicating Authority in this regard, seeking appropriate orders against the colluding parties.
