Srei Group Companies receive EoIs from 17 entities

BL Kolkata Bureau | | Updated on: Mar 13, 2022
The Kolkata bench of NCLT, had, on October 8 gave its approval to start insolvency proceedings against the two SREI group companies 

The Kolkata bench of NCLT, had, on October 8 gave its approval to start insolvency proceedings against the two SREI group companies 

Final count could go up as some documents are still in transit

Singapore’s Makara Capital, and asset reconstruction companies including JM Financial Asset Reconstruction Company and Asset Reconstruction Company (India) Ltd (ARCIL) are among some of the few entities that have submitted their Expressions of Interest (EoIs) to acquire Srei group companies under the consolidated corporate insolvency resolution process (CIRP).

The deadline for submitting EoI ended late Saturday evening. As many as 17 entities have submitted their expressions of interest and the number is expected to increase as some documents are coming through courier service, a person close to the development said.

An e-mail sent to Rajneesh Sharma, the administrator of the Srei Group companies – Srei Infrastructure Finance and Srei Equipment Finance did not elicit a response.  But sources confirmed that some of the big corporates including Vedanta Ltd, Adani Group and Jindal Steel & Power, are also likely to join in the form of consortium with some of the entities.

The Kolkata bench of NCLT, had, on October 8 gave its approval to start insolvency proceedings against the two companies after the Reserve Bank of India filed insolvency applications against the two companies.

Citing governance concerns and defaults by the two NBFCs in meeting their various payment obligations, the RBI had, on October 4, superseded their boards and appointed Rajneesh Sharma, former chief general manager, Bank of Baroda, as the Administrator of the companies. The central bank also constituted a three-member Advisory Committee to assist the administrator in discharge of his duties.

Claims

The Reserve Bank of India-appointed administrator has admitted claims of around ₹31,868 crore of the total claims of around ₹34, 223 crore from financial creditors to Srei Equipment Finance Ltd (SEFL). It has rejected claims to the tune of ₹1606 crore while close to ₹751 crore is still pending for verification as on November 15.

Of the total claims of around ₹149 crore from operational creditors, the administrator has admitted claims amounting to ₹73 crore while the remaining ₹76.20 crore is under verification as on November 15.

The administrator has also admitted claims to the tune of ₹257 crore from financial creditors to Srei Infrastructure Finance.

Published on March 13, 2022
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