So, while teaching in our Analysis class, our professor said that an informal proof of the above can be found in Rudin's Analysis book. And here is what was mentioned:

I mean, I get what is written here. But our professor said that the claim can be proved formally using $\leq$ ordering on $\mathbb{Q}$ and properties of field. I am a little bit unsure as to how to "formalize" this thing. Could someone clarify/explain.
(i). $S$ has no largest member. So no member of $S$ is $\lub(S).$
(ii). $T=\{1/x:x\in S\}$ has no smallest member, and every $y\in T$ is an upper bound for $S$ because $T=\{y\in\Bbb Q^+: y^2>2\}$. So no $y\in T$ is $\lub (S).$
(iii). $S\cup T=\Bbb Q^+$ because there is no $\sqrt 2$ in $\Bbb Q.$
Hero (Heron) of Alexandria (circa 10-70 A.D.) wrote of a method for approximating square roots: If $A>0$ and $y_0>0,$ let $y_{n+1}=\frac 1 2 (y_n+\frac {A}{y_n}).$ If $0<y_0\ne \sqrt A$ then $\sqrt A<y_{n+2}<y_{n+1}.$
In particular, if $A=2$ and if $y_0$ is any member of $T$ then $2<y_1^2<y_0^2$ and $y_1\in T.$ Proving this is one way to show that $\min (T)$ does not exist (and hence $\max (S)$ does not exist).
Isaac Newton generalized Heron's method (see Newton's Method) to approximate solutions to a wide variety of equations.