When the company's resolution professional (RP) Ravi Sethia invited the bids, four bidders - Amit Metaliks, Nalwa Steel & Power, BTL EPC and Rashmi Metaliks - showed interest in acquiring the company. But only two bidders-BTL EPC and OP Jindal Group-promoted Nalwa Steel & Power-participated in the second challenge process, in which nine rounds of bidding were conducted.
