https://www.taxtmi.com/caselaws?id=423656 The auction conducted on 25.09.2020 was challenged by the Indian Bank due to lack of transparency and alleged fraud. The Tribunal found the auction was not transparent, as the property should have been sold to the second highest bidder from a previous auction at a higher price. The actions of the Liquidator were deemed questionable, leading to a decrease in the asset's value. The auction was set aside, emphasizing the importance of transparency and fairness in the process under the Insolvency and Bankruptcy Code, 2016. The attachment on the property by tax authorities was upheld based on legal precedents. en-us Thu, 02 Jun 2022 00:00:00 +0530 Sat, 11 Jun 2022 08:58:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423656 The auction conducted on 25.09.2020 was challenged by the Indian Bank due to lack of transparency and alleged fraud. The Tribunal found the auction was not transparent, as the property should have been sold to the second highest bidder from a previous auction at a higher price. The actions of the Liquidator were deemed questionable, leading to a decrease in the asset's value. The auction was set aside, emphasizing the importance of transparency and fairness in the process under the Insolvency and Bankruptcy Code, 2016. The attachment on the property by tax authorities was upheld based on legal precedents. Case-Laws Insolvency and Bankruptcy Thu, 02 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423656