Hundreds of hours and hundreds of crores have gone to prepare the bid and now they are saying that they don’t want to open the bid. This is a concern,” said Agarwal.“If you (bankers) have asked for a legitimate bid, it should be opened and whoever is the highest bidder should be looked at,” Agarwal reasoned. On Electrosteel, Agarwal says his group has done everything according to the bankruptcy code process and yet “somebody” (the Renaissance Group) has gone to the appellate court. If you increase the production of oil and gas beyond a level, you will be penalised. So I really persuaded my people and it took a lot of time to put an interest for all 55 blocks.

Source: Economic Times May 14, 2018 01:41 UTC