Reliance ARC files plea against Vidarbha Industries’ debt sale

In its petition, Reliance ARC has raised concerns over the Swiss Challenge Auction process, according to a lawyer source. The concern is that when an ARC makes a bid to buy a troubled asset or a nonperforming asset (NPA), it automatically becomes an initial bidder and this gives the ARC the exclusive right to match any bid that comes in during the Swiss Challenge Process, the lawyer explained.

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