Regulation 38 - Distribution of unsold assets - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

Distribution of unsold assets 38. (1) The liquidator may, with the permission of the Adjudicating Authority, distribute amongst the stakeholders, an asset that 1 [ could not be sold, assigned or transferred ] due to its peculiar nature or other special circumstances. (2) The application seeking permission of the Adjudicating Authority under sub-regulation (1) shall- (a) identify the asset; (b) provide a value of the asset; (c) detail the efforts made to sell the asset, if any; and (d) provide reasons for such distribution. ************* NOTES:- 1. Substituted vide NOTIFICATION NO. IBBI/2020-21/GN/REG067 dated 13-11-2020 before it was read as cannot be readily or advantageously sold