Lenders to twin Srei companies have passed a resolution to include Capri Global Holding Pvt Ltd as a prospective resolution applicant, said two people aware of the development.
Following the inclusion of Capri Global Holdings, there will be 15 eligible applicants for Srei Infrastructure Finance and Srei Equipment Finance, the people said.
Srei administrator Rajnish Sharma reinvited expressions of interest by the end of September, while Capri Global submitted EoI on October 14, one of the persons cited above said. Since the EoI was submitted after the deadline, a special approval from the CoC was needed to include Capri.
Stock exchange-listed Capri Global Holders was known as Money Matters Ltd before 2013.
The surprise EoI by AM Mining India Pvt Ltd, an affiliate of global steel maker ArcelorMittal, had prompted lenders to hope their recovery could improve. AM Mining’s application is linked to its ongoing dispute with Srei Infrastructure Finance regarding Odisha Slurry Pipeline Infrastructure (OSPIL). The 253-km pipeline transports raw materials to the Essar Steel pellet plant that is now acquired by ArcelorMittal Nippon Steel India under the Insolvency and Bankruptcy Code (IBC).
Lenders extended the last date of accepting the resolution plan for Srei by a month to November 15 following requests from AM Mining India, Edelweiss Alternative Assets Advisors and Prudent ARC, as reported by ET on October 14.
The companies entered the corporate insolvency process a year ago. The resolution professional has received ₹32,750 crore in verified claims.
