Is there any specific criteria for giving man of the match award? Are there any hard rules that it should be given to performance from winning team even when loosing side holds a significant performance?
Not really - normally a candidate or two present themselves by virtue of their performances, either with bat or ball, and the adjudicator or adjudicators make their decision based on that.
There's no hierarchy in that 100 runs > 5 wickets > 5 catches, although individual adjudicators will have personal opinions on what's more important within that match and therefore whose contribution was more important.
No, there is no specific criteria for giving the man of the match award. Normally it will be given to a match winning performance player or an outstanding performance player
As per the rules, MoM award is decide by the commentry pannel. There is no specific rule. The player who dominates more to win their side, commentry panel choose that player for MoM award.
If there are two player who dominated thn its completely upto commentry panel team.