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IVRCL's liquidation process takes a hit after bidder defaults on 1,200 crore payment

The six-year liquidation of IVRCL Ltd has stalled. P Prasad Reddy, the successful bidder, failed to pay Rs 1,200 crore. Lenders have replaced the liquidator, restarting the insolvency process. This underscores slow recoveries in the engineering sector. IVRCL owes creditors over '14,500 crore. Banks are seeking recovery from land assets and considering part-by-part asset sales.