The Srei group entities – Srei Equipment Finance and Srei Infrastructure Finance — that are undergoing corporate insolvency resolution process, has received two resolution plans.
According to sources, Arena Investors and VFSI Holdings jointly submitted a resolution plan and the other resolution applicant is Shon Randhawa (lead partner) and Rajesh Viren Shah.
However, the latter has not furnished the earnest money deposit (EMD) in the prescribed format.
It is to be noted that the deadline for receiving resolution plans ended on Tuesday after the consolidated committee of creditors (CoC) for the two NBFCs had decided to extend the deadline till August 29.
Both the resolution plans, which have not yet been opened, will be presented before the CoC on September 2, sources aware of the development said.
The CoC will then test the viability of the plans and from September 3 onwards, negotiations with the resolution applicants is expected to commence.
The Kolkata Bench of NCLT had on October 8 given its approval to start insolvency proceedings against the Srei group companies.
The Reserve Bank of India-appointed administrator has admitted claims of around ₹31,868 crore of the total claims of around ₹34,223 crore from financial creditors to Srei Equipment Finance Ltd (SEFL). The administrator has also admitted claims to the tune of ₹257 crore from financial creditors to Srei Infrastructure Finance.