The voting process for the three resolution plans submitted by PRAs for the Srei group entities — Srei Infrastructure Finance and Srei Equipment Finance — is likely to begin on January 19. The process, which is expected to go on for atleast the next few days, is likely to be completed by February 5, said a senior official.
The CoC had, in a meeting held recently, had a detailed discussion with the PRAs (prospective resolution applicants) regarding certain technical non-compliances in the bids submitted by them and had advised them to submit the fully compliant bids by January 14. Accordingly, the bids compliant under IBC and RFRP (Request for Resolution Plan) have been submitted by the applicants and the voting process on the same would begin from Thursday.
“The voting process will begin tomorrow and it will go on for a couple of days. The process is likely to be wrapped up by February 5 or 6,” the official told BusinessLine on conditions of anonymity.
The administrator Rajnish Sharma was not available for comments immediately.
Following the completion of the challenge mechanism process, the Srei group entities received three bids. The state-backed NARCL’s offer was ₹5,555 crore in NPV (net present value) terms, including upfront cash of ₹3,180 crore; Authum Investment and Infrastructure’s bid in NPV terms was for ₹5,526 crore and the consortium of Varde Partners and Arena Investors financial bid in terms of NPV stood at around ₹4,680 crore, including ₹3,250 crore upfront cash amount.
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