Vedanta Ltd, Jindal Power and half-a-dozen asset reconstruction companies have submitted expressions of interest for participating in the corporate insolvency resolution of the non-bank lenders Srei Infrastructure Finance and Srei Equipment Finance.
The Srei Group on Wednesday published a provisional list of eligible prospective resolution applicants The list mentioned as many as 14 interested entities including Assets Care & Reconstruction Enterprise Ltd, Asset Reconstruction Company (India) Ltd, International Asset Reconstruction Company Pvt Ltd, JM Financial Asset Reconstruction Company Ltd, Prudent ARC Ltd, Edelweiss Alternate Asset Advisors Ltd.
Administrator for the resolution process — Rajneesh Sharma — will now form a unitary and integrated committee of creditors to carry out the resolution exercise. Sharma will invite consolidated resolution plans from each of the enlisted entities.
The Kolkata bench of the National Company Law Tribunal approved the plan for consolidated resolution of the two lenders last month.
VFSI Holdings Pte Ltd, Diameter Trading Pvt Ltd, Arena Investors LP, Riddhi Siddhi Gluco Biols and Sherisha Technologies, Star Asia Group and Charlestown Capital Advisors have also expressed their interest. A joint application has also been received from Shon Randhawa and Rajesh Viren Shah.
“This above provisional list of eligible prospective resolution applicants (PRA) is subject to responses to be received from certain PRAs based on clarifications sought by the administrator,” the administrator said. He reserves the right to make changes to the above provisional list based on further documents and/or clarifications received from the PRAs.
The insolvency proceedings against the two Srei Group companies began in October last year after NCLT approved the insolvency petitions filed by the Reserve Bank of India.