Mahindra Defence Systems Limited and Shapoorji Pallonji & Company Limited are likely to submit independent bids for acquiring the financially unviable Bharati Defence and Infrastructure Limited (BSE:532609) and are in the process of carrying out due diligence on the company. This will be the first such bankruptcy resolution attempt under the Insolvency and Bankruptcy Code for the security industry. Bharati Defence and Infrastructure Limited has been valued at $350 million and the two companies are currently evaluating the deal. Ernst & Young (EY) is acting as advisor to the lenders. Bharati Defence and Infrastructure Limited has also received interest from other bidders like German Dry Docks AG and other companies, who intend to acquire individual docks along India's eastern and western water margins.