The liquidator at Sterling Biotech Limited, which owes more than INR 81,000 million to lenders, has called for fresh bids to sell the company as a going concern at a reserve price in the vicinity of INR 5,500 million. Interested parties can submit bids until November 5, the liquidator said last week. The e-auction is scheduled on December 10. Fresh bids have been called to attract more buyers with a new clause that the successful bidder will now have to pay only 20% of the final consideration as upfront money at the time of issuance of the Letter of Intent (LoI). The remaining amount, that is 80% of the final consideration, will have to be paid in 90 days from the date of issuance of the LoI to the successful bidder. ?The revised terms will give more comfort to bidders. It gives them a window of 90 days from the issuance of letter of intent for payment of 80% of balance consideration, which will also give them time and opportunity to seek clarity on reliefs and concessions from the adjudicating authority,? said Jyoti A Singh, founder of AJA Legal and Associates. According to Nishit Dhruva, managing partner of law firm MDP & Partners, these clauses will help the winning bidder to approach the National Company Law Tribunal (NCLT) to get clean assets.