The financial proposals were received on Wednesday after online bidding in a "challenge mechanism" process, adopted by the administrator Rajneesh Sharma, available under the Insolvency and Bankruptcy Code, to maximise the recovery. "The resolution proposals are well above the valuation reports as per indications available so far. Independent valuers Kakode & Associates and GAA have pegged the liquidation valuation at around Rs 6,000 crore and a fair valuation of around Rs 9,000 crore," the sources pointed out. The government-backed National Asset Reconstruction Company Ltd has taken the lead in taking over the two stressed entities of the Srei group as its financial proposal on Wednesday was a winner with the "highest net present value bid of Rs 5,555 crore". The Reserve Bank of India superseded the boards of Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd for insolvency proceedings due to governance concerns and repayment defaults.