Typically with liquidated companies the Court would need to approve the proposed administration of the company to ensure it is in the best interest of creditors. This is to ensure the administrators aren’t selling off assets at low prices to their friends/for kick backs.
It is predominantly a formality if the administrators have done their job properly, but it does nevertheless require a consideration of some discretion by the Court. With such a long, drawn out tender process with multiple bidders, it should be clear that this is the best option and the Court approval should be not much more than a rubber stamp.
Ann: Sayona Bid for NAL to be Submitted for Court Approval, page-59
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