Apollo Tyres, JK Tyre and Ceat Tyres have emerged as top bidders for Falcon Tyres. Creditors are trying to recover their money in the now-defunct company, and could be the first big case to be decided under the country’s new Bankruptcy Code. Edelweiss Asset Reconstruction Company (ARC), after buying most of the debt of the company, filed an application at the National Company Law Tribunal (NCLT) under the Bankruptcy and Insolvency Law. The application requested assets of Falcon Tyres to be disposed off to recover the arrears. Industry sources claim that half a dozen firms have shown interest in the company’s assets. A sale is expected to fetch the creditors Rs.600 to Rs.700 crore. With Deloitte hired to evaluate the bids, a resolution will need to be reached in 180 days of the creditors initiating corporate insolvency by moving the NCLT.