The Committee of Creditors (CoC) has further extended the deadline for prospective resolution applicants for submission of resolution plan for Srei group outfits — Srei Infrastructure Finance and Srei Equipment Finance — suggesting them to revise the financial bids upwards and submit the complete resolution plan. The deadline has been extended to August 29.
According to sources, the consolidated CoC met on Friday and asked the bidders to revise their financial bids upwards. New York-based investment firm Arena Investors, VFSI Holdings, an affiliate of Varde Investment Partners, and Shon Randhawa (lead partner) and Rajesh Viren Shah are believed to have their submitted resolution plans.
London-based Varde Capital is believed to have put in a bid of over ₹14,000 crore and the second-highest bid was in excess of ₹10,000 crore, sources said. The lenders had earlier extended the deadline to submit resolution plans for the two insolvent companies by 10 days to August 19.
The Kolkata bench of NCLT had, on October 8, given its approval to start insolvency proceedings against the two companies after the Reserve Bank of India filed insolvency applications. The RBI-appointed administrator has admitted claims of around ₹31,868 crore of the total claims received of around ₹34, 223 crore from financial creditors to Srei Equipment Finance Ltd (SEFL). He had also admitted claims to the tune of ₹257 crore from financial creditors to Srei Infrastructure Finance.