Bidders face jail term if back out from insolvency process

The issue has now moved to the government, with sources saying the plan could also include Adani Wilmar, which pulled out of a deal to buy Ruchi Soya after the committee of creditors backed it. Liberty House has backed off from the resolution process of Adhunik Metals and Amtek Auto, citing various issues. But the government and bidders, who kept them out of the ABG Shipyard resolution plan, are not buying its arguments.

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