Banks are planning to consider the resolution offer of National Asset Reconstruction Company (NARCL) for Chennai-based engineering firm Consolidated Construction Consortium (CCCL) against a settlement offer being brought in by the promoters of the stressed company, according to three people in the know.

Meanwhile, the resolution professional for CCCL, which has already been admitted for insolvency resolution, on Monday sought expressions of interest (EoIs) for the account. Financial creditors to CCCL have filed claims worth Rs 2,693 crore, of which claims worth Rs 2,428 crore have been admitted as of March 21, 2022.

State Bank of India, ICICI Bank, IDBI Bank, Bank of Baroda and Tata Capital Financial Services are secured creditors to CCCL, while Edelweiss Asset Reconstruction Company (ARC) is an unsecured creditor, among others.

Emails sent to lead lender SBI and NARCL chief executive Natarajan Sundar remained unanswered till the time of going to press.

“The offer from NARCL has come, but banks want to take a call after receiving the promoter’s offer. The promoter had made an initial offer, but they may now revise it,” said a senior banker aware of the developments.

CCCL’s website names R Sarabeswar, S Sivaramakrishnan and VG Janarthanam as promoters. The promoter offer will be in the form of an application under Section 12A of the Insolvency and Bankruptcy Code (IBC).

The Section 12A says that the adjudicating authority may allow withdrawal of an application admitted under Section 7 of the Code on an application made by the applicant with the approval of 90% voting share of the Committee of Creditors (CoC).

In an order dated July 14, the Chennai bench of the National Company Law Tribunal (NCLT) granted a petition to extend the corporate insolvency resolution process (CIRP) of CCCL by 60 days to July 28.

“Meanwhile, the suspended board of directors has offered settlement under Section 12A which is pending with the CoC for consideration and the CoC needs some more time to come to a conclusion,” the court order said.

CCCL offers services in construction, engineering, procurement and project management with offices in Chennai, Bengaluru, Hyderabad and Delhi. In FY21, the company posted a net loss of Rs 106.4 crore on net revenues of Rs 201.22 crore. The annual report for the year attributed the loss to high input costs, irregular supply of raw materials, unfavourable market conditions and high finance costs.