https://www.taxtmi.com/caselaws?id=792035 A liquidation auction for sale of an aircraft conducted on an "as is where is", "as is what is" and "as is how is" basis was found not to be vitiated where inspection was permitted and the record disclosed no material suppression, lack of transparency, or unfairness. The commentary further explains that the liquidator is not bound to reopen a concluded auction or accept a later enhanced bid merely because a higher offer is made after closure. Clause 11 of Schedule I allows multiple rounds of auction, but does not require an indefinite bidding process; once the highest bid is declared and rights accrue to the successful bidder, the sale is protected absent fraud. en-us Tue, 19 May 2026 00:00:00 +0530 Fri, 22 May 2026 07:06:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792035 A liquidation auction for sale of an aircraft conducted on an "as is where is", "as is what is" and "as is how is" basis was found not to be vitiated where inspection was permitted and the record disclosed no material suppression, lack of transparency, or unfairness. The commentary further explains that the liquidator is not bound to reopen a concluded auction or accept a later enhanced bid merely because a higher offer is made after closure. Clause 11 of Schedule I allows multiple rounds of auction, but does not require an indefinite bidding process; once the highest bid is declared and rights accrue to the successful bidder, the sale is protected absent fraud. Case-Laws IBC Tue, 19 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792035