The Srei Group on Wednesday published a provisional list of eligible prospective resolution applicants The list mentioned as many as 14 interested entities including Assets Care & Reconstruction Enterprise Ltd, Asset Reconstruction Company (India) Ltd, International Asset Reconstruction Company Pvt Ltd, JM Financial Asset Reconstruction Company Ltd, Prudent ARC Ltd, Edelweiss Alternate Asset Advisors Ltd.

Big corporates including Vedanta and Jindal Power, and asset reconstruction companies such as Assets Care and Reconstruction Enterprise, JM Financial Asset Reconstruction Company and Asset Reconstruction Company (India) (Arcil) are some of the names that feature in the provisional list of eligible prospective resolution applicants for the Srei Group companies. The administrator for the two Srei group companies — Srei Infrastructure Finance and Srei Equipment Finance — had on February 25 this year published an invitation to Expressions of Interest (EOI) and received around 14 EOls.

A joint consortium of Mukesh Ambani-owned Reliance Industries (RIL) along with Ares SSG Capital-backed Assets Care & Reconstruction Enterprise Ltd has received approval from bankers as the successful bidder to acquire stressed textile-and-yarn-maker Sintex Industries Ltd. “…the resolution plan submitted by Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited (ACRE) has been duly approved by the 100% CoC (committee of creditors) members…as the successful resolution plan subject to approval of Hon’ble NCLT Ahmedabad,” the debt-ridden firm informed in a stock exchange filing. 

As many as 17 entities, including Singapore’s Makara Capital and a few major asset reconstruction companies, have submitted their formal expressions of interest (EoIs) to acquire debt-laden SREI Group companies under the consolidated corporate insolvency resolution processes, persons familiar with the development told FE. Makara Capital and asset reconstruction companies including JM Financial Asset Reconstruction Company and Asset Reconstruction Company (India) Limited (Arcil) have already submitted EOIs. The number of EoIs are expected to increase as some documents are coming through courier services, the persons cited above said. Saturday was the last date for submitting EoIs. A mail sent to Rajneesh Sharma, the administrator for the two companies, went unanswered till the time of going to press.

The committee of creditors (CoC) of IL&FS Financial Services, has rejected the offer of UV Asset Reconstruction Company (UVARC) to buy the former's assets. UVARC had offered to pay ₹370 Crore for the ₹4,300-Crore loan book. The CoC has communicated to the IFIN management that it should try to recover loans on its own rather than selling them to an ARC. A spokesman for IL&FS confirmed the development. "The last day for the said COC approvals was February 15, 2022. IL&FS decided not to extend the voting timeline further," he said. "Until February 15, the required percentage of CoC approval was not achieved."