Authum Finance’s plea before the Kolkata bench of the National Companyaw Tribunal (NCLT) seeks the cancellation of letter of intent (LoI) issued by the administrator to National Asset Reconstruction Co Ltd (NARCL) to take over Srei Infrastructure Finance and Srei Equipment Finance.In its plea to the court which was filed on Tuesday, Authum has sought a revision of what it calls is a flawed evaluation matrix to judge its resolution plan. It has also sought another 14-day extension to allow lenders to cast their votes with the updated evaluation matrix.Authum has made eight petitions before the court including setting aside of the evaluation matrix, placing a new evaluation before the committee of creditors (CoC) and extending the voting period by a minimum of 14 days to give creditors another chance to vote for the plan. ET has seen a copy of the petitions made by Authum to the court.The petition also seeks restraining and prohibiting the administrator from declaring the results of the voting of financial creditors “or acting upon such results and taking any steps pursuant of the letter of intent that may have been issued by the administrator in connection with the corporate insolvency resolution process…”.ET had reported the filing of the petition in its February 23 edition. The Mumbai-based non-banking finance company (NBFC) has also offered an additional upfront payment of Rs 250 crore over and above its original amount of Rs 3,240 crore in the petition filed before the court. It’s contention is that the additonal amount will give it five more points in the evaluation matrix helping it to beat NARCL in terms of net present value (NPV).The committee of creditors (COC) had approved the NARCL’s offer with a 89.25% vote higher than the 86.63% got by Authum. With its increased offer the Mumbai based NBFC expects to beat NARCL’s offer.In the hearing on Tuesdag a bench comprising of judicial member Rohit Kapoor and technical member Balraj Joshi, aaked Authum to also include NARCL and the CoC as respondents in the case and posted the next date of hearing to March 21 and directed that NARCL’s resolution plan cannot be approved till all parties are heard.Separately, the erstwhile promoters of the Srei Group have also challenged the Reserve Bank of India (RBI) referring it to the NCLT and sought that the court also consider their plan given under section 12 A of bankrutpcy code which allows settlement of dues by promoters.Mails sent to rei administrator Rajneesh Sharma and Authum did not elicit a response till press time. NARCL’s plan included a cash component of Rs 3,180 crore, a majority of which (Rs 2,580 crore) was assumed to be accumulated in the company. The bad bank had also planned to infuse Rs 600 crore in cash. It has also offered 20% equity stake to lenders valued at Rs 200 crore. NARCL’s offer is valued at Rs 5,555 crore in NPV terms.Authum’s offer totally valued at Rs 5,526 crore included Rs 3,240 crore of cash to be infused into the company including an assumed Rs 2,100 crore accumulated in Srei. Unlike NARCL, Authum had offered Rs 2,286 crore in NCDs which were bearing an increasing rate of interest every year.Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) were taken to the bankruptcy courts in October 2021 on insolvency petitions filed by the RBI. The total admitted claims of the financial creditors of the two NBFCs are Rs 32,750.22 crore. State Bank of India, Punjab National Bank, Axis Bank, HDFC Bank, Union Bank of India, Canara Bank, IDBI Bank, UCO Bank and Indian Overseas Bank, are among lenders to the companies.