https://www.taxtmi.com/caselaws?id=110699 An asset reconstruction company was entitled to shortlist the three highest bidders for a second round of negotiations and accept the highest revised offer where the bid conditions had reserved that power and the bidders had accepted those terms. The sale procedure by quotation from persons dealing with similar secured assets was treated as permissible under the Security Interest (Enforcement) Rules, 2002, including sale by a method other than public auction or public tender on terms settled in writing. No legal infirmity or unfairness was found in excluding the remaining qualified bidders from further negotiation, and the restricted negotiation process and resulting sale were upheld as valid in law. en-us Tue, 10 Jan 2006 00:00:00 +0530 Wed, 18 Apr 2012 12:39:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110699 An asset reconstruction company was entitled to shortlist the three highest bidders for a second round of negotiations and accept the highest revised offer where the bid conditions had reserved that power and the bidders had accepted those terms. The sale procedure by quotation from persons dealing with similar secured assets was treated as permissible under the Security Interest (Enforcement) Rules, 2002, including sale by a method other than public auction or public tender on terms settled in writing. No legal infirmity or unfairness was found in excluding the remaining qualified bidders from further negotiation, and the restricted negotiation process and resulting sale were upheld as valid in law. Case-Laws Companies Law Tue, 10 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110699