BQ Prime reports suggest that AM/NS India has expressed interest to buy Srei Group's non-bank lenders under the bankruptcy law and has submitted unsolicited expression of interest. The creditors are yet to decide whether they can allow the entry of a new bidder in the current scenarioAn EoI, if accepted, will allow AM/NS India to enter the data room for the Srei Group companies. Data room access is allowed to prospective bidders so they may formulate a firm bid under the insolvency proceedings. Such access could arm the steelmaker with inside information in its legal battles, the first person quoted above said.In August, Srei Infrastructure Finance had approached the Supreme Court, challenging a National Company Law Appellate Tribunal order that allowed AM/NS India to take control over Odisha Slurry Pipeline under insolvency. The lender has claimed that it was not given the same treatment as other secured creditors in the fund distribution strategy proposed by the steel firm in its resolution plan.Earlier this month, financial creditors to Srei Infrastructure Finance & Srei Equipment Finance had restarted the bidding process for two bidders who were participating in the insolvency proceedings. The bidders-a consortium between Varde Partners and Arena Investors, as well as consortium led by UK-based entrepreneur Shon Randhawa-had been given an extended opportunity to submit revised bids after they had failed to submit earnest money deposit previously.
BQ Prime reports suggest that AM/NS India has expressed interest to buy Srei Group's non-bank lenders under the bankruptcy law and has submitted unsolicited expression of interest. The creditors are yet to decide whether they can allow the entry of a new bidder in the current scenarioAn EoI, if accepted, will allow AM/NS India to enter the data room for the Srei Group companies. Data room access is allowed to prospective bidders so they may formulate a firm bid under the insolvency proceedings. Such access could arm the steelmaker with inside information in its legal battles, the first person quoted above said.In August, Srei Infrastructure Finance had approached the Supreme Court, challenging a National Company Law Appellate Tribunal order that allowed AM/NS India to take control over Odisha Slurry Pipeline under insolvency. The lender has claimed that it was not given the same treatment as other secured creditors in the fund distribution strategy proposed by the steel firm in its resolution plan.Earlier this month, financial creditors to Srei Infrastructure Finance & Srei Equipment Finance had restarted the bidding process for two bidders who were participating in the insolvency proceedings. The bidders-a consortium between Varde Partners and Arena Investors, as well as consortium led by UK-based entrepreneur Shon Randhawa-had been given an extended opportunity to submit revised bids after they had failed to submit earnest money deposit previously.
