7 Sep 2023 8:42 AM GMT
The Supreme Court on Wednesday held that even though the highest bidder in an auction sale under the Insolvency and Bankruptcy Code 2016 has no indefeasible right to demand acceptance of his bid, the liquidator, if such a bid is rejected must furnish reasons for the same in the rejection order. A division bench of Justice B V Nagarathna and Justice Ujjal Bhuyan held that the mere...