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Objection against deliberate reduction of reserve price of asset by 15% by liquidator was to be set aside : NCLAT

October 10, 2019[2019] 112 taxmann.com 352 (NCL-AT)
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IBC: Where appellant raised an objection that liquidator deliberately reduced reserve price of an asset of corporate debtor which could not be auctioned in order to favour a pre-decided buyer, in view of fact that as per clause (4) of Schedule-I of IBBI (Liquidation Process) Regulations, 2016, Liquidator was allowed to reduce reserve price by 75 per cent, whereas in instant case he had reduced reserve price only by 15 per cent, objection raised by appellant was to be set aside

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