https://www.taxtmi.com/caselaws?id=288817 An objecting resolution applicant lacked locus standi to challenge approval of the resolution plan because the record did not reliably show an independent qualifying offer, a duly established association with another bidder, or timely placement of the asserted section 29A affidavit before the Resolution Professional. The bidding process for selecting the successful resolution applicant was nevertheless found insufficiently transparent and fair, as the materials did not clearly disclose open common negotiations or sharing of revised bids, and the procedure did not demonstrably secure best value. The authority held that CIRP time pressure could not justify departure from a fair bidding process, and directed that the plan be returned for a fresh sealed-bid and open-negotiation process. en-us Tue, 10 Dec 2019 00:00:00 +0530 Tue, 16 Nov 2021 14:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288817 An objecting resolution applicant lacked locus standi to challenge approval of the resolution plan because the record did not reliably show an independent qualifying offer, a duly established association with another bidder, or timely placement of the asserted section 29A affidavit before the Resolution Professional. The bidding process for selecting the successful resolution applicant was nevertheless found insufficiently transparent and fair, as the materials did not clearly disclose open common negotiations or sharing of revised bids, and the procedure did not demonstrably secure best value. The authority held that CIRP time pressure could not justify departure from a fair bidding process, and directed that the plan be returned for a fresh sealed-bid and open-negotiation process. Case-Laws Insolvency and Bankruptcy Tue, 10 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288817