https://www.taxtmi.com/caselaws?id=415316 The Tribunal held that the auction sale does not conclude solely upon receiving the highest bid; full payment is necessary as per Clause 13 of Schedule 1. The Liquidator, within the authority granted, could cancel the auction to maximize asset value. The Adjudicating Authority erred by not considering relevant clauses together. The appeal was allowed, the judgment was set aside, and the Liquidator was permitted to commence a new auction process in compliance with the Insolvency and Bankruptcy Code and Liquidation Process Regulations. en-us Tue, 30 Nov 2021 00:00:00 +0530 Fri, 03 Dec 2021 09:18:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415316 The Tribunal held that the auction sale does not conclude solely upon receiving the highest bid; full payment is necessary as per Clause 13 of Schedule 1. The Liquidator, within the authority granted, could cancel the auction to maximize asset value. The Adjudicating Authority erred by not considering relevant clauses together. The appeal was allowed, the judgment was set aside, and the Liquidator was permitted to commence a new auction process in compliance with the Insolvency and Bankruptcy Code and Liquidation Process Regulations. Case-Laws Insolvency and Bankruptcy Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415316