<h1>Conglomerate wins Rs 17,000 crore bid for debt-ridden diversified firm under Insolvency and Bankruptcy Code (IBC) process</h1> A conglomerate submitted the winning bid to acquire a debt-ridden diversified company under insolvency proceedings, topping a rival conglomerate in a lenders' challenge process conducted pursuant to the Insolvency and Bankruptcy Code. The winning offer was Rs 17,000 crore, translating to a net present value of Rs 12,505 crore. The target, which has interests in real estate, cement, power, hotels and roads, entered insolvency after loan defaults; multiple bidders participated but only two firms submitted firm bids in the final round.