Srei firms’ resolution candidates fail to deposit earnest cash

Two doable customers of the twin Srei firms haven’t submitted earnest cash deposits (EMD) in compliance with stipulated bidding norms throughout the time limit that ended Monday, two folks responsive to the enchancment told ET, theoretically invalidating both resolution provides.

Phrases of the inquire of for proposal (RFP) required both provides – by Enviornment Investors in partnership with Varde Partners, and Shon Randhawa with Viren Shah – to furnish the EMD for the proposals to be idea to be as staunch. The administrator, Rajnish Sharma, said that lenders would take be aware of easiest those plans that be aware the RFP phrases.

A resolution applicant modified into required to post Rs 150 crore of EMD alongside with the idea. The RFP extra said that the EMD quantity might maybe well be forfeited if the RBI did not approve of the winning bidder.

“The resolution official had given both candidates time except Monday evening to ideally suited the EMD. Both haven’t complied with the RFP phrases,” said a lender to Srei.

The administrator did not acknowledge to ET’s inquire of for comments.

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