CoC can hold Second Challenge Process even after Declaration of Highest Bidder: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has permitted the Committee of Creditors (CoC) to conduct a second challenge process even after declaring a highest bidder in an insolvency case. This decision aims to ensure a fair resolution process and maximize value for all stakeholders under the Insolvency and Bankruptcy Code (IBC). The NCLAT's ruling allows for greater flexibility and transparency in distressed asset sales, ensuring that the CoC has the opportunity to explore all avenues to achieve the best possible outcome, even if it means revisiting a previous bid.