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NCLAT upheld the Adjudicating Authority's decision approving private sale through Swiss Challenge Mechanism for Corporate Debtor's liquidation. The Tribunal confirmed that Swiss Challenge is a valid, transparent method for asset sales under IBC framework. Liquidator's decision to grant Right of First Refusal (RoFR) to OASPL as base bidder was within statutory authority, supported by Stakeholder's Consultation Committee. While anchor bidders have no indefeasible rights per Supreme Court's R.K. Industries precedent, the mechanism remains consistent with natural justice principles and IBC regulations. NCLAT dismissed the appeal, finding no jurisdictional overreach in Liquidator's actions and affirming that Discussion Papers from IBBI serve advisory purposes without affecting statutory framework.
NCLAT upheld the Adjudicating Authority's decision approving private sale through Swiss Challenge Mechanism for Corporate Debtor's liquidation. The Tribunal confirmed that Swiss Challenge is a valid, transparent method for asset sales under IBC framework. Liquidator's decision to grant Right of First Refusal (RoFR) to OASPL as base bidder was within statutory authority, supported by Stakeholder's Consultation Committee. While anchor bidders have no indefeasible rights per Supreme Court's R.K. Industries precedent, the mechanism remains consistent with natural justice principles and IBC regulations. NCLAT dismissed the appeal, finding no jurisdictional overreach in Liquidator's actions and affirming that Discussion Papers from IBBI serve advisory purposes without affecting statutory framework.
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