The group is managed by Hong Kong's Argyle Street Management and funded by Indonesia's Sinarmas Group, which is managed by Indonesia's Widjaja family.
The offer values Asia Resource Minerals at Â£98.8m and includes plans to inject $150m equity in the embattled company.
British financer Nat Rothschild submitted an alternative $100m refinancing plan in April.
Asia Resource Minerals, formerly known as Bumi, is grappling with tumbling coal prices and a continuing battle for control of the company.
It was founded in 2010 by Nat Rothschild and Indonesia's wealthy Bakrie family.
The co-founders fell out and the company was broken up in March 2014 and renamed Asian Resource Minerals.
The Argyle-Sinarmas bid for the company once again pits Mr Rothschild against a powerful Indonesian family.
The potential acquirers have stressed the importance of "an experienced and proven Indonesian partner", to lead the company. Foreign ownership of businesses is a contentious topic in Indonesia.
Asia Resource Minerals controls nearly 85% of Indonesian coal mine operator Berau. The country's energy minister said on Thursday that it would prefer Berau to be locally owned.
"Berau Coal is a corporate matter between shareholders. But as a policy matter, we want coal to be the pillar of our energy security. The more national mines that are controlled by national firms, the better," said Energy Minister Sudirman Said.
A group of Asian investors has submitted a bid to acquire Indonesian coal miner Asia Resource Minerals.