Bidders jittery over coronavirus impact on bankrupt firms, seek legal help

Seek legal advice, want force majeure clause included in new contracts

The bidders of bankrupt companies are going back to the drawing board on their offers submitted to the lenders and are seeking legal advice whether they can withdraw or modify them. The bidders say the Covid-19 pandemic has changed the business environment and they will now make lower offers.

As the contracts with banks did not have the force majeure clause so far, the bidders also want it to be included in the new contracts henceforth.  “Some of the ongoing cases like Lavasa Corporation, Dewan Housing, and Reliance Communications are still pending for resolution and we will see several