Mumbai, Dec 12 (IANS): The two independent valuers appointed by the lenders of the SREI group, Kakode & Associates and GAA, have submitted their valuation reports to the Committee of Creditors (COC).

According to the sources, the average Liquidation Value of SREI Group by these two independent valuers has been pegged at Rs 6,000 crore, and the average Fair Value is Rs 9,000 crore.

The sources revealed that in comparison, the bids submitted by the three bidders, i.e. NARCL, Varde-Arena consortium, and Authum are in the range of Rs 2,500 crore, which is almost 60 to 70 per cent lower than the average Liquidation Value and average Fair Value.

The deadline to submit the bids for SREI was December 2. Surprisingly, AM Mining, an affiliate of ArcelorMittal group and Capri Global dropped out in the final round.

The lenders of SREI Group have submitted claims of Rs 32,750 crore.

The COC has asked all three bidders to revise their bids by December 15.

Keeping in mind the deadline of January 5, 2023 for the submission of the resolution plan with the NCLT, it seems the lenders of the SREI group are running against the time as they have less than 3 weeks to complete the process.