23 Sales by the Company Liquidators
(1) Procedure at sale subject to confirmation by the Tribunal - Every sale shall be subject to the sanction and confirmation by the Tribunal and shall be conducted by the Company Liquidator and / or in accordance with the advices given by the Advisory Committee and with the assistance of the Sale Committee if constituted by the Tribunal, or, if the Bench shall so direct, by an agent or an auctioneer approved by the Tribunal, and subject to such terms and conditions, if any, as may be approved by the Tribunal. All sales shall be made by public auction or by inviting sealed tenders or by electronic-bidding or in such manners as the Bench may direct, which shall also be displayed on the website of the Tribunal, providing the description of the asset in question
(2) Expenses of sale - Where property forming part of a company s assets is sold by the Company Liquidator through an auctioneer or other agent, the gross proceeds of the sale shall, unless, the Tribunal otherwise orders, be paid over to the Company Liquidator by such auctioneer or agent and the charges and expenses connected with the sale shall afterwards be paid to such auctioneer or agent in accordance with the scales, if any, fixed by the Tribunal. |