All the three resolution applicants — a consortium of Varde Partners and Arena Investors, National Asset Reconstruction Company (NARCL) and Authum Investment and Infrastructure — may submit revised resolution plans by December 15 for acquiring two insolvent Srei companies.

The consortium of Varde Partners and Arena Investors, NARCL and Authum Investment had submitted resolution plans for the two NBFCs, which are under the corporate insolvency resolution process, in the first week of this month as the deadline for submission of the plans by prospective resolution applicants was December 2. Following that, the consolidated committee of creditors (CoC) of the two Srei companies, Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL), asked all the three bidders for upward revisions of their financial bids and upfront cash offered.

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The CoC met on Monday and final negotiations with the bidders took place. “Today was the final day for negotiations with the three resolution applicants for upward revisions of the financial bids and upfront cash. Resolution applicants are expected to revise their financial bids and submit final resolution plans by December 15,” sources close to the matter told FE.

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“Final resolution plans could possibly be put on vote for CoC’s approval on December 15,” sources said. As per the procedures, all the revised resolution plans will be put on vote simultaneously and the CoC members will vote as per their preferences. The resolution plan which receives the highest votes shall be considered as approved by the CoC.

While the consortium of Varde Partners and Arena Investor submitted a financial bid of around Rs 14,000 crore for SIFL and SEFL, NARCL put forward a financial bid of around Rs 13,600 crore. However, Authum Investment and Infrastructure’s financial bid stood as low as Rs 4,500 crore, people familiar with the resolution process said.

As per its resolution plan, the government-promoted bad bank committed an upfront cash payment of around Rs 2,100 crore while the consortium of Varde Partners and Arena Investor’s resolution plan included Rs 2,800 crore in upfront cash.“Authum is expected to improve their financial bid substantially,” sources cited above informed. Authum Investment’s resolution plan included an upfront cash component of around Rs 2,600 crore.