Lenders of two insolvent Srei firms, Srei Infrastructure Finance and Srei Equipment Finance, are expected to meet next week amid a fresh challenge by Mumbai-based non-bank finance company Authum Investment & Infrastructure.
Authum, which had filed an expression of interest for the two Srei firms under insolvency in November last year, had emerged as the second highest bidder after the government-backed National Asset Reconstruction Company (NARCL) topped the challenge mechanism that concluded in January.
NARCL’s resolution plan of Rs 5,555 crore in net present value term, including upfront cash of Rs 3,180 crore, was subsequently approved by the consolidated committee of creditors last week with an 89.25 per cent voting share. Authum’s resolution plan with a bid of Rs 5,526 crore in net present value terms had received 84.86 per cent vote.
The NBFC has now filed a petition in the Calcutta bench of NCLT seeking a relook of the appraisal methodology in the challenge mechanism and has also proposed to offer an additional Rs 250 crore upfront cash over its previous proposal of Rs 3,240 crore.
The total admitted claims of the financial creditors of the two NBFCs are Rs 32,750.22 crore. Canara Bank, Union Bank of India, Punjab National Bank, State Bank of India, Bank of Baroda, Indian Bank, Punjab and Sind Bank, Central Bank of India, Uco Bank and Bank of India are the top 10 financial creditors of the Srei NBFCs.
According to NARCL’s plan, total recovery to financial creditors is estimated at Rs 14,667.5 crore, which is around 45 per cent of the admitted claims.
Jindal bags EY Entrepreneur award 2022
Calcutta: Sajjan Jindal, chairman and managing director of the JSW group, was named the EY Entrepreneur of the year 2022 on Thursday. He will now represent India at the EY World Entrepreneur of the Year award event at Monte Carlo in June.
A seven-member jury led by K.V. Kamath, former chairman of ICICI Bank, selected Sajjan as the winner for his exceptional entrepreneurial journey in scaling the global conglomerate with a presence in steel, cement, infrastructure, energy, and paints to revenues of $22 billion and a global staff strength of over 40,000 people.
Union housing and petroleum minister Hardeep Singh Puri and G20 Sherpa Amitabh Kant were present at the event.
K.P. Singh, chairman emeritus of the DLF group, was felicitated with a Lifetime Achievement Award for his pioneering work in the real estate segment.
OUR BUREAU
