Srei creditors extend resolution plan deadline till August 19

Three bids have so far been received for the Srei group companies from New York-based investment firm Arena Investors, VFSI Holdings, an affiliate of Värde Investment Partners, and Shon Randhawa (lead partner) and Rajesh Viren Shah

Srei group, Srei group of companies, Srei, Srei news, Srei insolvency resolution
The lenders had earlier extended the deadline for the two NBFCs by 10 days to August 10, after prospective bidders requested them for an extension. The deadline earlier was July 30. It was extended for the third time.

After receiving three bids for the two Srei group companies under the corporate insolvency resolution process, the consolidated committee of creditors (CoC) decided to extend the deadline for submission of the resolution plans by prospective applicants till August 19.

Three bids have so far been received for the Srei group companies from New York-based investment firm Arena Investors, VFSI Holdings, an affiliate of Värde Investment Partners, and Shon Randhawa (lead partner) and Rajesh Viren Shah.

Also Read: New York investment firm, 2 others submit bids for Srei group firms

In a stock exchange filing on Thursday, Srei Infrastructure Finance said the eleventh meeting of the consolidated CoC of for the two NBFCs — Srei Infrastructure Finance and Srei Equipment Finance — was convened and conducted on Wednesday (August 10), and it discussed various aspects regarding consideration of the bids received from prospective resolution applications (PRAs).

“New bids can be submitted by anyone till 19th,” a source told FE. Mails sent to Rajneesh Sharma, the administrator for the two insolvent firms, went unanswered till the time of going to press.

The lenders had earlier extended the deadline for the two NBFCs by 10 days to August 10, after prospective bidders requested them for an extension. The deadline earlier was July 30. It was extended for the third time.

Also Read: Srei lenders may explore possibility of selling accounts to ARCs

Notably, the final list of the PRAs for Srei Infrastructure Finance and Srei Equipment Finance consisted of as many as 13 entities, including Vedanta, Jindal Power, ARCIL, JM Financial Asset Reconstruction Company and Edelweiss Alternative Asset Advisors. The deadline for submitting the proposed resolution plan of the highest bidder (H1) to the Kolkata bench of the National Company Law (NCLT) as decided by the tribunal is September 4.

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