Answer the following questions: In the context of Bankruptcy and Insolvency process under IBC, 2016, what is the Swiss Challenge method for making an auction to get the best available price? Quoting applicable case laws,

The Swiss Challenge method of auction is a bidding process, in an auction process, in which the original bidder makes an unsolicited bid to the auctioneer. After obtaining the indicative price, if approved, the auctioneer then seeks counter proposals against the original proposal and chooses the best amongst all options including the original bid. This method tries to maximize the value of the item is auctioned. The original bidder in most cases is granted the right to first refusal. If the original bidder matches its offer to the challenging proposal, the bid is awarded to him, else it is awarded to the challenging bidder. In MRG Estates LLP Vs. Akash Shinghal, Liquidator, Amira Pure Foods Pvt. Ltd. & Ors. [W.P. (C) 10023/2020] HC, New Delhi order dt. 15.12.2020 , the High Court directed IBBI to consider the petition as a representation on the issue of adoption of Swiss Challenge method as a form of an auction under the Liquidation Process Regulations.