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2022 (3) TMI 1396 - Tri - Insolvency and BankruptcySeeking direction to Liquidator to accept the Global Corp Logistics LLC as base price - direction to Liquidator to conduct Swiss challenge among the prospective applicants including the interest received after the specified timelines for value maximization - HELD THAT:- It is relevant to refer RAVI DEVELOPMENT VERSUS SHREE KRISHNA PRATHISTHAN AND ORS. in which the Hon'ble Supreme Court has held with respect to adoption of Swiss Challenge Method that "The method is transparent inasmuch as all the parties were well aware of the "right of first refusal" accorded to the "originator of proposal". As per the method which was known to all the parties the originator of the proposal must in consideration of his vision and his initiative be given to the benefit of matching the highest bid submitted. Further has also held that an unsolicited bid or a proposal received from a developer can thus be subjected to a bidding process by different modes including the Swiss challenge method. The Applicant/ Liquidator is hereby allowed to fix Proposal -A as base price and accordingly adopt Swiss Challenge Method including the proposals received after the specified timeline considering the fact of maximization of the value of the Corporate Debtor - Application allowed.
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