The toll way is undergoing insolvency proceedings after the bankruptcy court admitted it in April.
Highways Infrastructure Trust (HIT) and Global Infrastructure Partners (GIP) India were the other two applicants to submit expressions of interest.
HIT is a road infrastructure investment trust launched by global investment fund KKR while GIP is a global infrastructure fund. SPCL Luxembourg Advisors, an affiliate of Silver Point, has submitted EoI, the people said.
The resolution professional Sutanu Sinha, backed by BDO India, has received six expressions of interest (EoI) and admitted ₹1,058.4 crore claims from financial creditors. Assets Care and Reconstruction Enterprises (ACRE), an asset reconstruction company (ARC) backed by Ares SSG Capital, is the only verified creditor of the SPV.
“Major corporates are showing interest in the company and we hope for a good resolution,” the RP said in an email response.
Adani Road Transport, and Silver Point Capital did not respond to queries from ET.
Silver Point Capital is most likely to emerge as the highest bidder among the six applicants, the people cited above said.
ACRE acquired the SPV loans from most lenders at an auction held in September last year. Silver Point, a US-based hedge fund, had partnered with ACRE to acquire loans from lenders through an auction. ACRE-Silverpoint jointly offered ₹624 crore to acquire ₹804 core loans that lenders auctioned. This equated to a recovery of 78% for lenders.
IDBI Bank, State Bank of India, Union Bank of India, Bank of Baroda and Karur Vysya Bank had set a reserve price of ₹500 crore to sell their combined loans at an auction in September last year. Omkara ARC had submitted a ₹607 crore bid while ACRE gave an improved offer of ₹624 crore and emerged as the winner.
In September 2010, the National Highways Authority of India awarded IVRCL Chengapalli Tollways a contract to construct and strengthen the National Highway 47, which connects Chengapalli via Coimbatore to Walayar in the border area between Tamil Nadu and Kerala. The original cost of the 54.83 km project was estimated at ₹1,123 crore, which increased to ₹1,235 crore after cost overruns. The project achieved a provisional commercial, operational date in October 2015 and started collecting toll revenue since then.
