NEW DELHI: The insolvency ordinance provides a level playing field to all parties interested in participating in the resolution process and there are enough players to ensure that competitive bids are made for stressed assets, said government officials, as they defended the new measures that prevent errant promoters from trying to reacquire assets till they clear dues.
Officials dismissed the argument that offers would not be competitive in the absence of promoters. This assumes that the market is incapable of realising the true economic value even when there are many competitors in the fray, said an official, pointing to the high interest in steel companies that are currently facing insolvency proceedings.
“Some are labelli…
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