The government-backed National Asset Reconstruction Company Ltd (NARCL) won the bid for Srei group’s two companies — Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd — undergoing insolvency proceedings, an official said.

The Committee of Creditors on Wednesday approved the plan submitted by NARCL, which offered a net present value (NPV) bid of Rs 5,555 crore after it received the highest vote of 89.2 per cent from verified creditors.

Authum Investment and Infrastructure with a bid of Rs 5,526 crore received the second-highest vote with 84.86 per cent, while the consortium of Varde Partners and Arena Investors, which had submitted a financial bid of approximately Rs 4,680 crore, bagged the third position with around 9 per cent vote, the official said.

After the completion of the challenge mechanism process, the Srei companies had received these three bids.

The Reserve Bank of India superseded the boards of Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd in October 2021 due to governance concerns and repayment defaults.

The regulator applied with the NCLT Calcutta to initiate the insolvency proceedings against the twin.

A letter of intent will be issued to NARCL. The Srei administrator will send the NARCL plan to the RBI for approval and also submit the results before the NCLT by February 18, the official said. NARCL’s total value of the plan stood at Rs 14,301 crore.