After taking a decision to float a new Request for Proposal RFP by the banks, Srei Infrastructure Finance and Srei Equipment Finance invited fresh resolution plans by October 15th. Lenders of twin srei companies have passed resolutions to lower the earnest money deposits EMD to 50 crore from 150 crore and the performance bank guarantee to a minimum of 300 crore from 500 crore. The Srei administrator Rajnish Sharma invited lenders to vote on a proposal to float a new RFP, which lenders voted on September 17. The note said that the State Bank of India, which has a voting share of 8.64%, voted against the resolution to reissue the RFP. SBI did not want to dilute the terms of the RFP, nor was it keen on giving an extension, said a person aware of the development. A resolution that required 51% voting from lenders was passed after other banks with 56% voting rights backed it. Canara Bank with 10.6% and Punjab National Bank with 9% voted to reissue the RFP. The revised RFP requires the bidder to provide a performance bank guarantee PBG equivalent to 5% of the aggregate resolution amount proposed in the plan or a minimum of 300 crore. The PBG must be provided after the lenders vote on the plan but before the banking regulator approves it. The RFP would also state that the 50 crore EMD would be forfeited if the Reserve Bank of India does not endorse the winning bidder. The RFP is revised to break the impasse involving Arena Investors, in partnership with Varde Partners, and the submission of unconditional EMD. The duo had submitted a conditional EMD that was not acceptable to lenders. Srei Equipment Finance and Srei Infrastructure Finance, undergoing insolvency proceedings since October 2021, have received 32,750 crore in verified claims.