An arrogant chef sacrifices his social life and mortgages his house into achieving his dream, the “Best Restaurant in the world” award. The day he gets it, he loses the sense of taste.

Like DPG says, I can't tell whether your logline is all backstory or whether you are giving away the big reveal.

>>>The day he gets it, he loses the sense of taste.

Is this the inciting incident for the plot or a mid-point reversal?

Good thing he already got the award before he mysteriously loses his taste. That's something, I guess.