homebusiness Newscompanies NewsSREI insolvency case: Committee of Creditors declares NARCL the winning bidder, say sources
SREI insolvency case: Committee of Creditors declares NARCL the winning bidder, say sources
SREI insolvency case: NARCL's plan would be sent to the Reserve Bank of India for a no-objection certificate and then filed with the National Company Law Tribunal.
The SREI Committee of Creditors has declared the National Asset Reconstruction Company (NARCL) the winning bidder at a meeting on Wednesday, people in the know told CNBC-TV18.
NARCL's plan will be sent to the Reserve Bank of India for a no-objection certificate and then filed with the National Company Law Tribunal. Sources said that 89.25 percent of lenders voted in favour of NARCL's plan, while Authum's offer secured 84.86 percent of lenders' votes in favour, and Varde-Arena received only 9.5 percent votes.
Earlier, CNBC-TV18 had reported that NARCL offered Rs 5,555 crore, Authum Rs 5,526 crore, and Varde-Arena Rs 4,682 crore in net present value (NPV) terms for SREI.
NARCL's offer stands ar Rs 5,555.58 crore NPV, sources said. The gross total offer stands at Rs 14,867.63 crore. The offer includes Rs 3,180 crore as cash up front, and Rs 3,487.63 crore as gross committed instruments. It includes OCDs of Rs 8,000 crore and 20 percent equity to lenders in SIFL, valued at Rs 200 crore, the sources said.
The SREI promoter Kanoria family's settlement offer was not considered by lenders, the sources said, adding that the admin responded to the offer and that said plan may be submitted to the RBI if required. Meanwhile, the Kanorias have moved NCLT against the lenders' decision to not consider their settlement plan.
The SREI Group companies are facing claims of Rs 32,750 crore from various creditors including Canara Bank, Union Bank, Punjab National Bank, State Bank of India, among others.
The SREI administration did not directly respond to CNBC-TV18's query.
(Edited by : Shloka Badkar)
First Published: Feb 15, 2023 6:40 PM IST
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