A diversified conglomerate holds a 25% stake in an associate company, PQR Ltd., which is neither a subsidiary nor controlled by it. It also holds mutual fund units and fixed deposits in its own name worth ₹ 15 crores.

Since these are investments owned directly by the corporate debtor the liquidator can liquidate these investments and shareholdings being financial assets and use the proceeds towards repayment of the company's outstanding debts. Financial assets, including shares and financial instruments owned by the corporate debtor, form part of the liquidation estate [Section 36(3)(d) of IBC].