A procedure under Section 363(b) of the Bankruptcy Code that allows a company to sell its assets outside of the ordinary course of business during bankruptcy proceedings. Section 363 sales require the approval of the bankruptcy court, obtained on a motion and hearing, and are typically conducted by public auction under the supervision of the bankruptcy court. A main advantage of a section 363 sale is the ability to obtain assets free and clear of liens and most liabilities attached to the assets. For more information, see Practice Note, Buying Assets in a Section 363 Bankruptcy Sale: Overview and Timeline of a Section 363 Sale.