IBC in tangle: Rival bidders take legal routes to put spanner in process – Business Today

Finding resolution in bankrupt companies through insolvency proceedings is becoming murkier after the estranged promoters and the rivaling bidders take the legal routes to put spanner in the process. When the UK-based Liberty House questioned the rejection of its bid for Bhushan Power and Steel, the promoter holding firm of Binani Cement challenged the liquidation value set by Interim Resolution Professional (IRP). Videocon Industries challenged the lender’s move to invoke insolvency proceedings in the company.
 
It was in mid-June last year that the Reserve Bank of India (RBI) first told the banks to file cases against 12 big loan defaulters in a month’s time. When…

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