https://www.taxtmi.com/caselaws?id=435311 The appeal challenged the Adjudicating Authority's order directing the Liquidator to declare Respondent No.1 as the successful bidder and refund the amount deposited by the Appellant. The Liquidator's mechanical adherence to the auction platform without considering the broader objective of the Insolvency and Bankruptcy Code led to the erroneous declaration of the Appellant as the highest bidder. The Tribunal upheld the Authority's decision, emphasizing the Liquidator's failure to prioritize bids under option 1, resulting in the dismissal of the appeal and the protection of the Appellant's interests through a refund with accrued interest. en-us Wed, 15 Mar 2023 00:00:00 +0530 Fri, 17 Mar 2023 08:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435311 The appeal challenged the Adjudicating Authority's order directing the Liquidator to declare Respondent No.1 as the successful bidder and refund the amount deposited by the Appellant. The Liquidator's mechanical adherence to the auction platform without considering the broader objective of the Insolvency and Bankruptcy Code led to the erroneous declaration of the Appellant as the highest bidder. The Tribunal upheld the Authority's decision, emphasizing the Liquidator's failure to prioritize bids under option 1, resulting in the dismissal of the appeal and the protection of the Appellant's interests through a refund with accrued interest. Case-Laws Insolvency and Bankruptcy Wed, 15 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435311