Consolidated Committee of Creditors (CoC) of Twins. Mr. A senior official said on Friday that companies may take two-three days to choose a resolution plan for Kolkata-based NBFC entities out of three bids. from wednesday the COC Three – Verde Partners and Arena Consortium, holding internal meetings in addition to holding discussions with government-backed Bad Bank NARCL And authum investment And basic infrastructure – in Mumbai Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL).

A consortium of Verde Partners and Arena has submitted a bid of Rs 14,000 crore, while National Asset Reconstruction Company Limited (NARCL) has submitted an offer of Rs 13,500 crore. A government official who attended the meeting told PTI that the third bid by Authum Investment and Infrastructure is worth Rs 7,000 crore.

The significance of the resolution plans could not be independently verified.

The total value of the resolution plans submitted by the applicants include upfront cash payments, deferred payments through instruments such as NCDs and OCDs and a time frame for repaying the dues of between three and seven years. “Authum has the highest cash payment component of Rs 2,800 crore and promises to complete payment of the total committed value within 3.5 years. The other two bidders will take 5-7 years to complete the payments. CoCs have been made for each Is examining the proposals of the assets of both the companies,” the official said.

Efforts have been made to persuade the bidders to modify their bid conditions.

“NARCL has made it clear that it will not be able to offer government-backed guarantee as is considered for deferred instruments issued by it. Government guarantee is applicable only in nomination cases when banks directly sell assets to NARCL. schemes and not during bidding through Sankalp,” the official said.

Srei administrator Rajneesh Sharma, appointed by RBI, could not be reached for comment.

These three entities were among the 17 final potential resolution applicants for the two entities of the Srei Group.

Capri Global and AM Mining, a subsidiary of ArcelorMittal, were the last applicants on the final list of potential resolution applicants. However, he did not submit a resolution plan and dropped out of the race.

after the bankruptcy petitions filed by reserve Bank of India As approved by the Kolkata Bench of the National Company Law Tribunal, the proceedings against SIFL and its subsidiary SEFL began in October 2021.

The resolution process is scheduled to be completed by January 5, 2023.

Financial creditors have accepted claims of around Rs 32,000 crore. Financial Lenders Include state Bank of India, Punjab And Sind Bank, axis Bank, HDFC bank, Union Bank of India, IDBI Bank, UCO BankAnd Indian Overseas Bank,