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regular-article-logo Saturday, 10 June 2023

Three bidders in fray for Srei group companies

Lenders are also exploring the possibility of offloading the accounts to asset restructuring companies

A Staff Reporter Calcutta Published 12.08.22, 03:43 AM
Representational Image

Representational Image File Photo

The prospective bidders for Srei group companies— Srei Infrastructure Finance and Srei Equipment Finance— have time till August 19 to finalise their resolution plans.

“The Consolidated Committee of Creditors has resolved to extend the deadline for submission of the resolution plans for Srei Infrastructure Finance Limited and Srei Equipment Finance Limited by prospective resolution applicants (PRAs) till August 19,” a stock exchange notification from Srei Infrastructure finance on Thursday said.

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The latest extension came after the 11th meeting of the committee of creditors on August 10, which was the earlier deadline for the submission of bids.

The creditors had initially hoped to make headway in the resolution process by the end of September, but the process could take longer.

Lenders are also exploring the possibility of offloading the accounts to asset restructuring companies.

According to sources at least three PRAs are in thefray— VFSI Holdings, an affiliate of Varde Investment Partners, Shon Randhwa and Rajesh Viren Shah and NewYork-based Arena Investors.

Incidentally, Arena Investors was among the overseas players that had shown interest in investing in Srei before the company was placed under insolvency. A total of 13 entities were among the initial list of PRAs announced by Srei in April.

The list included Vedanta Ltd, Jindal Power, Arcil, JM Financial ARC and Edelweiss Alternative Asset Advisors. Sources said that the extended deadline will allow the committee of creditors to undertake the compliance checks and give time for any correction of technical aspects of the bid following which there solution plan will be placed before the NCLT, carrying forward the insolvency process.

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