The Varde Partners-Arena consortium emerged as the highest bidder after submitting a revised bid with an additional cash component of Rs 36 billion for the two Srei group of companies under the insolvency and bankruptcy process. It previously offered a marginally higher cash component, which was higher than National Asset Reconstruction Company Ltd (NARCL) and Authum, which were second and third on that count, respectively. On December 5th, the bid for Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL) expired. In total, the Varde-Arena consortium has bid the most, totaling more than Rs 140 billion, including bonds, OCDs, equity, and upfront cash. The Committee of Creditors (CoC) will vote on the revised bid submitted by the Varde Partners and Arena consortium at its meeting. The government-backed NARCL had submitted the highest net present value bid of Rs 55.55 billion. Varde Arena has also sent a letter to the Srei Administrator, claiming that the ongoing CIRP process is 'unreasonable and unfair,' and that it has been forced to use a 'proprietary Challenge' method on short notice. According to the letter, the challenge was completed in just one week, with no regard for prior requests for adequate time for evaluation, despite the fact that Christmas and New Year's holidays are celebrated in the United States. Varde currently manages more than USD 13 billion in assets across North America, Europe, and Asia Pacific, with teams focused on corporate and traded credit, real estate, and financial services. Arena Investors is a USD 3 billion AUM global institutional asset manager that provides creative solutions for those seeking capital in special situations. According to the sources, the consortium has asked the Administrator to update the CoC with these issues in the best interests of all stakeholders. The valuation report of the twin Srei Group companies undergoing resolution will be considered by the Committee of Creditors (CoC) of Srei lenders. The CoC may reject Srei Infrastructure Finance and Srei Equipment Finance if their fair and liquidation value exceeds the resolution plans submitted by the three bidders. See also: RBI supersedes Srei Infrastructure and Srei Equipment FinanceNARCL emerges as the highest bidder for SREI