Revisions undermine bidding

Closure on a pre-agreed date will make the IBC process both credible and ethical

In cases where bidding is the norm for the sale or lease of an asset, or even for government procurement, it is accompanied by a disclosure on the last date of bid submission. Under the current insolvency resolution processes that is going on for a host of companies, there have been instances of bids being revised, sometimes even after the last date.

While the Insolvency and Bankruptcy Code (IBC) empowers the committee of creditors (COC) to decide on which bid to accept, the Supreme Court set the rule by telling the National Company Law Appellate Tribunal on July 17 that it