"The partnership between Jhunjhunwala and Damani is a big surprise," said one of the people. "If you look at the list of bidders, it appears that competition will only intensify and lenders may not have to take any haircut. "Lenders had made a claim of Rs 3,884 crore on the company. This includes loans acquired by Edelweiss Asset Reconstruction Company from banks and dues to State Bank of India, Canara Bank and Bank of Baroda. Bidders are required to provide a plans on either acquiring the company fully or its assets.The resolution professional has received a total claim of around Rs 7,500 crore from financial and operational creditors.

Source: Economic Times January 16, 2018 01:30 UTC