Lenders to two distressed infrastructure financiers of Mr. The group has extended the deadline for accepting resolution plans by a month to November 15. This follows requests from ArcelorMittal-promoted AM Mining India, edelweiss People familiar with the development told ET that Alternative Asset Advisors and Prudent ARC.

After the lenders resume the sale process Srei Equipment Finance And Srei Infrastructure FinanceAdministrator Rajneesh Sharma had set October 15 as the deadline for accepting the resolution plans.

Three potential buyers who submitted separate expressions of interest wanted more time to do due diligence.

ArcelorMittal’s surprise appearance for both Srei companies last month stems from an ongoing dispute with Srei Infrastructure Finance regarding Odisha Slurry Pipeline Infrastructure (OSPIL).

The 253-km-long pipeline transports raw materials to the Essar Steel Pellet Plant, which has now been acquired by ArcelorMittal Nippon Steel India under the Insolvency and Bankruptcy Code (IBC).

Srei Infrastructure Finance filed a petition in the Supreme Court against ArcelorMittal objecting to the distribution of proceeds from the sale of OSPIL, claiming discrimination between the same class of creditors.

Edelweiss is also considering making an offer for Srei after the central bank this week allowed asset reconstruction companies, with ₹1,000 crore in net owned funds, to bid for companies under insolvency. A bank official said that Edelweiss Fund may submit a scheme in partnership with Edelweiss ARC, as the latter has an NOF of over Rs 1,000 crore.

The lenders had resumed the sale process to the Kolkata-based financiers following the amendment in the terms of the Request for Proposal (RFP). Lenders reduced the Earnest Money Deposit (EMD) from ₹150 crore to ₹50 crore, and performance bank guarantee from ₹500 crore to at least ₹300 crore.

The new RFP says that ₹50 crore EMD will be forfeited if the Reserve Bank of India (RBI) does not support the winning bidder.

The RFP was modified to end the impasse between the joint bidder – Arena Investors in partnership with Verde Partners – and the lenders over the submission of an unconditional EMD. Both had submitted conditional EMD, which was not acceptable to the lenders.

Srei Both the companies had entered the corporate insolvency process a year back. The resolution professional has received ₹32,750 crore in verified claims.