Mumbai: Bank of India, a creditor to the bankrupt Liberty Oil Mills, is gearing up for a Swiss auction tied to a binding bid that guarantees 66% recovery of the book value. Phoenix ARC has made a bid of ₹82 crore for the ₹126 crore loan, leading the lender to schedule a Swiss auction on March 22 to explore further bids.
The auction, set with a reserve price of ₹82 crore and a minimum markup requirement of 5%, has asked for counter bids starting at ₹86 crore.
