Late enhanced offer in NRRA liquidation process need not be considered once bidding has concluded and a bidder is selected.

A not readily realisable asset under Regulation 37A of the IBBI (Liquidation Process) Regulations, 2016 must be assigned through a transparent process aimed at value maximisation, but that objective does not override fixed bid timelines or the finality of an already completed sale process. An enhanced offer submitted after the cut-off date and after the successful bidder had been identified in the NRRA process was not required to be considered, because entertaining it would prejudice other participants and unsettle the concluded liquidation sale. The appellant's later conduct, including seeking refund of the EMD and delaying approach to the Tribunal, reinforced acceptance of the process as concluded.

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Issues: Whether the liquidator and Stakeholders' Consultation Committee were bound to consider the appellant's enhanced offer submitted after the stipulated bid timeline and after the successful bidder had been identified in the NRRA process.

Analysis: The assignment of a not readily realisable asset under Regulation 37A of the IBBI (Liquidation Process) Regulations, 2016 must be transparent and aimed at value maximisation, but those objectives operate within a fair process and cannot override duly fixed timelines or the legitimate interests of other participants. The appellant's revised offer was made after the cut-off date and after the bid process had substantially progressed, while the successful bidder had already been selected and acted upon. Entertaining a belated higher offer at that stage would unsettle the completed process, prejudice other bidders, and undermine the finality required in liquidation sales. The conduct of the appellant, including seeking refund of the EMD and approaching the Tribunal after considerable delay, also supported the conclusion that the process had been accepted when it concluded.

Conclusion: The enhanced offer was not required to be considered, and the challenge to the completed NRRA assignment failed.

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