Capri Global Holders formerly known as Money Matters Ltd prior to 2013, is listed on stock exchange. After including Capri Global Holdings, in total there will be 15 eligible applicants for Srei Infrastructure Finance and Srei Equipment Finance
The twin Srei companies’ lenders have passed a resolution about inclusion of Capri Global Holding as a prospective resolution applicant, reported a media house. After including Capri Global Holdings, in total there will be 15 eligible applicants for Srei Infrastructure Finance and Srei Equipment Finance.
Srei administrator Rajnish Sharma has sent out re-invitation regarding expressions of interest (EoI) by September end, meanwhile Capri Global submitted the same on 14 October, according to media report. A special approval was required from the committee of creditors (CoC) in order to include Capri, as the EoI was submitted after the deadline.
Capri Global Holders formerly known as Money Matters Ltd prior to 2013, is listed on stock exchange. The sudden EoI by AM Mining India, left lenders in a hope that their recovery may improve. AM Mining India is an affiliate of ArcelorMittal, a global steel maker.
The application submitted by AM Mining has link with its ongoing dispute with Srei Infrastructure Finance regarding Odisha Slurry Pipeline Infrastructure (OSPIL).
ArcelorMittal Nippon Steel India has now acquired the 253-km pipeline which transports raw materials to the Essar Steel pellet plant. The acquisition is completed under the Insolvency and Bankruptcy Code (IBC).
After getting requests from AM Mining India, Edelweiss Alternative Assets Advisors and Prudent ARC, the last date of accepting the resolution plan for Srei was extended by the lenders, by a month to 15 November, reported a media house.
A year back, the companies had already entered the corporate insolvency process. An amount of Rs 32,750 crore has been received by the resolution professional, in verified claims.