https://www.taxtmi.com/caselaws?id=426923 In liquidation, the liquidator may choose a permissible sale mechanism, including private sale of composite assets, where it is likely to maximise realisations and achieve timely closure. Stakeholders' advice is not binding, and an anchor bidder does not acquire a vested right to insist that a Swiss Challenge or similar process be carried to completion, especially where the sale documents reserve a right to cancel, abandon or modify the process. Judicial review of such commercial liquidation decisions is limited and will not displace the liquidator's assessment absent arbitrariness, mala fides or illegality. An appellate authority should not impose an open-notice model for a private sale unless legally justified. en-us Fri, 26 Aug 2022 00:00:00 +0530 Sun, 28 Aug 2022 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426923 In liquidation, the liquidator may choose a permissible sale mechanism, including private sale of composite assets, where it is likely to maximise realisations and achieve timely closure. Stakeholders' advice is not binding, and an anchor bidder does not acquire a vested right to insist that a Swiss Challenge or similar process be carried to completion, especially where the sale documents reserve a right to cancel, abandon or modify the process. Judicial review of such commercial liquidation decisions is limited and will not displace the liquidator's assessment absent arbitrariness, mala fides or illegality. An appellate authority should not impose an open-notice model for a private sale unless legally justified. Case-Laws Insolvency and Bankruptcy Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426923