Violation of the procedure or illegal actions of the bidding organizer entail cancellation of the results. You will find more details on how to run bidding correctly avoiding “fatal” errors, and on court positions to help bona fide creditors in the article by Yulia Shilova, an Attorney of the Business Restructuring and Bankruptcy Practice for “Arbitration Practice” journal.
To read the article: Shilova Yu. “Bidding in bankruptcy. Nine grounds for contesting”