Answer the following questions: During the course of Liquidation process, if a liquidator finds that some stocks of a Corporate Debtor is deteriorating very quickly and losing its present value, what are the various cour

In the matter of Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited , an application was filed by the liquidator under Regulation 33(2)(d) of the Liquidation Regulations for seeking prior permission from the Adjudicating Authority (AA) to sell the assets of the corporate debtor by means of a private sale. The Adjudicating Authority (AA) considered the issue whether all the requirements of Regulation 33(2)(d) of the Liquidation Regulations are compiled and held that "To our mind the proper interpretation on clauses (a) & (b) would be that a liquidator is entitled to sell the assets without requirement of prior permission after reaching the conclusion that the assets are perishable, and it is likely to deteriorate significantly in value if not sold immediately. Otherwise, the purpose of regulation would be defeated if the time is required to be spent in filing an application and taken permission because the assets which are perishable may not remain available for sale and perish or it may deteriorate significantly in value if not sold immediately." The NCLT also observed that, unless the liquidator does that immediately the very purpose of these regulations would be defeated if time is consumed in filling an application and seeking permission thereof, because the asset may not remain static / intact and available for sale at desirable price.