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SREI Infrastructure Finance Limited will bid for Electrosteel Steels, one of the 12 cases that have gone to the National Company Law Tribunal for insolvency. SREI Chairman and Managing Director Hemant Kanoria says his company is interested in Electrosteel Steels, in which it has an exposure of ~300 crore.
One of the views of the creditors of Electrosteel Steels is that a one-time payment as a settlement of dues could be considered as a resolution, says Kanoria.Apart from SREI, Tata Steel, Edelweiss Asset Restructuring Company and Piramal Group are some of the other suitors for the stressed company, according to reports. By bidding for the company, he says, SREI can ensure that the company is not sold at a low price. He adds that in the resolution process, there is a great deal of uncertainty on the part of the creditors who are not willing to take decisions, for fear of being pulled up at a later stage by vigilance authorities.