Lenders of Sintex Industries plan Swiss challenge auction to avoid liquidation

Lenders of Sintex Industries Ltd may hold a Swiss challenge auction or inter-se bidding if resolution applicants of the bankrupt textile company do not improve their offers substantially. The auction route will be undertaken mainly to get improved offers so as to prevent the company from going into liquidation. The offers from all four bidders are below the liquidation value. The Reliance Industries-Assets Care & Reconstruction Enterprise (ACRE) team, a Welspun entity, Himatsingka Ventures and GHCL Ltd submitted resolution plans last month