The liquidation process under the Companies Act, 2013, pursuant to which the vetting of the notice of auction and the final confirmation of sale is in the hands of the High Court, cannot be compared with the liquidation process under the Code. The NCLT, Kolkata, on a reading of Clause 1(12) of Schedule I of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations), held that the liquidator does not have unlimited discretion to cancel the auction or to revisit the invitation to the highest bidder once the highest bidder has been identified.

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