An offer of ₹828 crore for KSK Mahanadi and ₹38 crore for Raigarh Champa Rail by ASREC last week triggered a Swiss challenge auction, the people said. The Swiss challenge auction is scheduled on February 15. ASREC is backed by Life Insurance Corporation (LIC) and three PSU banks-Indian Bank, Bank of India and Union Bank of India. Deutsche Bank has a small stake in the ARC.