Lenders to Era Infra and Engineering at their meeting on Tuesday will decide whether to wait for the arbitration claim of Rs 17,500 crore, which the company filed before going for insolvency, or go ahead with the insolvency process. In the past, Era was awarded Rs 525-crore arbitration against the National Highways Authority of India in the Gwalior Bypass Project (GBPL). \u201cThe very nature of the claims in the company as well as in all other associate companies are almost similar as was the case of Gwalior Bypass projects, and it can safely be assumed that the adjudication of these claims will also follow the same pattern as we have seen in GBPL,\u201d a banker said. Based on the success rate of GBPL, bankers have roughly projected that arbitration claims of Rs 7,500 crore and Rs 1,000 crore towards annuity\/toll collections will accrue to the company, which is equal to over 90% of Rs 9,200-crore cumulative claims by lenders. \u201cThus, it is of utmost importance that assets of Era be preserved and brought under the protection of moratorium available to the corporate debtor to allow for the preservation of the value of assets and arbitration claims in the SPVs and facilitate orderly resolution of the overall entity, helping creditors of both the associate companies and the croporate debtor to maximise value,\u201d said a banker. Referred by Union Bank of India, the National Company Law Tribunal (NCLT) on May 8 ordered initiation of the corporate insolvency resolution process for Era Infra under section 7 of the IBC. Sources said the CoC will also consider during Tuesday's meeting merging the parent company and all its special purpose vehicles (SPVs) to make it more attractive for bidders. Era has eight SPVs. They also feel that there will be no risk of the SPVs being taken to the NCLT by any other creditor. The resolution of the overall merged entity will be synchronised and will be executed under one process. Era is promoted by Delhi-based industrialist Hem Singh Bhurana.