'E-auction i.e. Auction on an online portal is fool proof method.' Discuss and describe the steps taken for auction under the Insolvency and Bankruptcy Code, 2016.

According to Schedule I read with Regulation 33 of Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 - Where assets are to be sold through auction, the Liquidator shall do so in the manner specified herein Prepare strategy with the help of professional. The strategy may include - Release of Advertisement Information & Description of Assets Preparing a Notice of Sale and Liasoning with Agents Terms and Conditions of Sale Reserve Price, Earnest Money Deposit Reserve Price shall be the value arrived in accordance with Regulation It auction fails, the reserve price can be reduced upto 25% in subsequent auction Public announcement Liquidator shall provide all assistance for conduct of due diligence by interested buyers Sale through an electronic auction as an online portal For physical auction, the Liquidator shall obtain approval of NCLT Highest bid at any time shall be visible to other bidders The highest bidder shall be directed to provide balance amount within the time prescribed in Sale Notice On receipt of payment, Liquidator shall execute certificate of sale or sale deed to transfer the assets and deliver the assets as per the terms of sale.