The basic tenet of IBC is to minimize the haircut of creditors. Once COC has approved the plan there should be lightening speed in the implementation of the plan to save the bankrupt company and its stakeholders.
On broad basis, it appears that the CCI approval condition for a bankrupt company is a joke. For a bankrupt company best suitors will come from the same industry only. They have the understanding of the economics and ecosystem and best geared to turnaround the sick company!
AGI has quoted maximum price. The loser (international sugar) is playing the delay tactics.
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