https://www.taxtmi.com/caselaws?id=442792 A liquidator's power to cancel a liquidation auction is not unfettered: reasons must be recorded, and a valid highest bid cannot be rejected arbitrarily merely in hope of a better price. On the facts described, the auction cancellation was unsustainable because no reasons were given and the reserve price remained unchanged. Section 29A disqualification for a related party applies only where the bidder remains legally connected with the corporate debtor in the manner contemplated by the Code at the relevant time. A person who had ceased to be connected long before the auction was not disqualified. The auction could not be annulled on the grounds raised. en-us Wed, 06 Sep 2023 00:00:00 +0530 Tue, 17 Mar 2026 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442792 A liquidator's power to cancel a liquidation auction is not unfettered: reasons must be recorded, and a valid highest bid cannot be rejected arbitrarily merely in hope of a better price. On the facts described, the auction cancellation was unsustainable because no reasons were given and the reserve price remained unchanged. Section 29A disqualification for a related party applies only where the bidder remains legally connected with the corporate debtor in the manner contemplated by the Code at the relevant time. A person who had ceased to be connected long before the auction was not disqualified. The auction could not be annulled on the grounds raised. Case-Laws IBC Wed, 06 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442792