The lenders held its last meet on Wednesday.After UK-based Liberty House has failed to make the upfront cash payment within the stipulated time for acquiring bankrupt Adhunik Metaliks (AML) under the Insolvency and Bankruptcy Code (IBC), lenders to the steelmaker are not opting for liquidation at this point of time as many companies have shown interests in buying the debt-ridden firm under the insolvency resolution process. In order to reach a preferred outcome, the lenders may negotiate with Maharashtra Seamless, the second highest bidder (H2), to resolve this case of corporate insolvency.
Last month the lenders had rejected an offer of Liberty House, a part of Sanjeev Gupta-led GFG Alliance, to pay an outstanding of around `4…
Read the full article at: https://www.financialexpress.com/industry/adhunik-metaliks-case-lenders-may-negotiate-with-second-highest-bidder/1432887/