https://www.taxtmi.com/caselaws?id=437163 The Supreme Court reviewed the auction process conducted by IDBI for M/s Bharat Commerce & Industries Limited under BIFR's directions. The auction lacked transparency, as the reserve price was undisclosed, and no competitive bidding occurred, resulting in a low bid acceptance. The appellants failed to comply with ASC guidelines, leading to the High Court setting aside the auction and ordering a fresh bidding process. The Supreme Court upheld this decision, emphasizing the need for competitive bidding to secure the property's optimum value. The appeals were dismissed, and the appellants were refunded their deposit for a new auction process. en-us Thu, 27 Apr 2023 00:00:00 +0530 Sat, 29 Apr 2023 09:06:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437163 The Supreme Court reviewed the auction process conducted by IDBI for M/s Bharat Commerce & Industries Limited under BIFR's directions. The auction lacked transparency, as the reserve price was undisclosed, and no competitive bidding occurred, resulting in a low bid acceptance. The appellants failed to comply with ASC guidelines, leading to the High Court setting aside the auction and ordering a fresh bidding process. The Supreme Court upheld this decision, emphasizing the need for competitive bidding to secure the property's optimum value. The appeals were dismissed, and the appellants were refunded their deposit for a new auction process. Case-Laws Indian Laws Thu, 27 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437163