Two high profile cases are similarly poised under the still nascent Insolvency and Bankruptcy Code (IBC). In both cases of Binani Cement and Bhushan Power and Steel, there are legal cases in court on the process of bidding for these assets.
In each case, a party is ready with a higher offer than the one selected by the lenders. So is the process of bidding skewed if it rejects an offer which would perhaps provide better value for these distressed assets?
ETCFO asks Arjun Gupta, a corporate insolvency lawyer with law firm, Nishith Desai Associates for some answers. Edited excerpts:
What does the IBC currently state in terms of revised bids? Should they be allowed or not? Where exactly is the lack of clarity?
Arjun Gupta: The Code does…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/should-revised-bids-be-allowed-in-the-insolvency-resolution-process/articleshow/63327726.cms