Three bidders have submitted their bids for takeover of Srei group companies under the Insolvency and Bankruptcy Code (IBC) resolution process, according to sources.

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The Reserve Bank of India had in October last year superseded the boards of SIFL (Srei Infrastructure Finance Limited) and its wholly-owned subsidiary SEFL (Srei Equipment Finance Limited), and a joint resolution is taking place for these companies for its outstanding liabilities of about Rs 32,000 crore.

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The bids are currently under legal evaluation after that financial bid will be examined by the Committee of Creditors, details can be known on Thursday, sources close to the development told PTI.

"Today three bids have been received and they are currently under evaluation for compliance under the laws by the legal team. If any shortfall on technical aspects they will be offered a week's time to correct it. After compliance evaluation, financial bids will be opened up," the source involved in the process said.

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The last date of bid submission was August 10. New York-based Arena Investors LP Ltd, Varde Investment's affiliate VFSI Holdings and Shon Randhawa and his partners are understood to have submitted the bids.

Transaction advisor BDO India had flagged fraud transactions worth over Rs 5,000 crore in these two companies.

(Edited by : Sangam Singh)

First Published:Aug 11, 2022 9:05 AM IST