MNCs lose race for stressed assets, plan to take action against advisors

One would expect multinational steel giants to hire the best bankers and lawyers while bidding for stressed assets of local rivals. As it turned out, one MNC’s bidding team arrived an hour late to the resolution professional’s office in Delhi; the law firm representing a second MNC sent the full bid document via email to a rival Indian firm, albeit by mistake. Last heard, the two MNCs were planning to take “appropriate action” against their advisors having lost the race for prized assets.