Sir, These are usually planted articles. Under IBC there is no restriction on Member of COC to fund bidders. At the end of the day there are handful of scheduled banks and large NBFCs in India. Banks/large NBFCs are in coc in most cases in IBC and corporate bidders have running credit lines from them.
Issue here is simple.
HNG is bankrupt.
Open bids were invited.
One who quoted maximum should win the deal.
Maximising lenders returns and minimising their haircut is fundamental bedrock of IBC.
No one stopped the Kenyan chap from quoting higher…now he is sulking.
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