Three bidders submit resolution plans for bankrupt Srei Group firms

Srei group firms, which are undergoing bankruptcy proceedings, received three bids on Wednesday — the last date for submission, said sources.   

According to sources, Arena Investors LP and VFSI Holdings, an affiliate of Varde Partners, were among those who submitted plans. Response to e-mails sent to Arena and Varde were awaited at the time of filing the report.The bids would be scrutinised by the Committee of Creditors (CoC) for compliance.   

The bid submission comes about four months after prospective applicants submitted their expression of interest (EOI). About 13 entities had shown interest.