Banks have set up elaborate and strict criteria for bidders interested in buying distressed companies going through insolvency proceedings. Preliminary plans suggest the exercise will be based on scores and the top five companies scoring the highest will get an opportunity to sit with banks for finer negotiation. However, going through the scoring model, it becomes apparent that the promoters of the companies in auction would have a slim chance of winning the bids, say sources involved in the process. Banks are busy finalising resolutions for the first 12 accounts ...
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First Published: Mon, December 25 2017. 19:30 IST
