{"id":82073,"date":"2023-01-09T10:33:00","date_gmt":"2023-01-09T05:03:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=82073"},"modified":"2023-01-09T10:30:34","modified_gmt":"2023-01-09T05:00:34","slug":"biz-srei-7","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-srei-7\/","title":{"rendered":"Srei resolution: Varde Partners-Arena consortium submits revised bid, CoC voting after plan viability report"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1862290227\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>A consortium of alternative investment firm Varde Partners and institutional asset manager Arena has submitted a revised bid for the debt-laden Srei group entities after its previous plan was termed as &#8220;non-compliant&#8221;, sources said on Sunday.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-623611320\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Plans of the resolution applicants will be put up for voting after submission of a viability report by Dun &amp; Bradstreet on the offers vying to acquire assets of debt-ridden Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).<\/p><p>&#8220;The consortium has sent a plan and it will be verified only on Monday whether it is compliant or not,&#8221; a company source told PTI.<\/p><p>&#8220;Dun &amp; Bradstreet is supposed to submit its viability report on the resolution plans by January 10. After that the voting process by the committee of creditors (CoC) will be undertaken,&#8221; another source said.<\/p><div class=\"trade-content_5\" id=\"trade-3468380385\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Varde Partners-Arena had sent a plan after the close of the &#8216;challenge mechanism&#8217; window on Tuesday and claimed to be the highest bidder but the offer was rejected by the lenders&#8217; committee, terming it as &#8220;non-compliant&#8221; with norms.<\/p><p>The consortium was allowed time till midnight of Saturday to make a bid compliant with norms for the debt-laden Srei group entities.<\/p><p>The Varde Partners-Arena consortium had also raised concern over the debt resolution process, calling it &#8220;unreasonable, unfair, rushed and ad-hoc&#8221;.<\/p><p>The administrator for Srei Infrastructure Finance and Srei Equipment Finance has shot off a letter to the consortium, dismissing its allegations over the &#8216;challenge mechanism&#8217; process adopted for the resolution of the companies.<\/p><p>In the same letter, the consortium was allowed to submit a bid in accordance with challenge documents circulated among the applicants.<\/p><p>As per the challenge bidding mechanism, National Asset Reconstruction Company Ltd (NARCL) remained the top bidder with NPV bid of Rs 5,555 crore.<\/p><div class=\"trade-content-10\" id=\"trade-1879768897\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Authum Investment and Infrastructure is another bidder in the insolvency resolution process for the two stressed entities. PTI BSM BDC BDC<\/p><div class=\"trade-after-content\" id=\"trade-3109853059\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>A consortium of alternative investment firm Varde Partners and institutional asset manager Arena has submitted a revised bid for the debt-laden Srei group entities after its previous plan was termed as &#8220;non-compliant&#8221;, sources said on Sunday. Plans of the resolution applicants will be put up for voting after submission of a viability report by Dun [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":48099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-82073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Srei resolution: Varde Partners-Arena consortium submits revised bid, CoC voting after plan viability report - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"A consortium of alternative investment firm Varde Partners and institutional asset manager Arena has submitted a revised bid for the debt-laden Srei group entities after its previous plan was termed as &quot;non-compliant&quot;, sources said on Sunday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/?p=82073\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Srei resolution: Varde Partners-Arena consortium submits revised bid, CoC voting after plan viability report\" \/>\n<meta property=\"og:description\" content=\"A consortium of alternative investment firm Varde Partners and institutional asset manager Arena has submitted a revised bid for the debt-laden Srei group entities after its previous plan was termed as &quot;non-compliant&quot;, sources said on Sunday.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/?p=82073\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-09T05:03:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/06\/SREI-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/06\/SREI-Cover-Image.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/?p=82073\",\"url\":\"https:\/\/tradebrains.in\/features\/?p=82073\",\"name\":\"Srei resolution: Varde Partners-Arena consortium submits revised bid, CoC voting after plan viability report - 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