Companies

RBI files applications to initiate insolvency resolution process against Srei firms

Our Bureau Mumbai | Updated on October 08, 2021

FILE PHOTO   -  REUTERS

Petitions filed with Kolkata bench of NCLT

The Reserve Bank of India has filed applications for initiation of the corporate insolvency resolution process against Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd.

The petitions have been filed with the Kolkata bench of the National Company Law Tribunal.

 

“As per Rule 5(b )(i) of the FSP Insolvency Rules, an interim moratorium has commenced on and from the date of filing of the application till its admission or rejection,” SIFL said in a stock exchange filing on Friday.

Just a day earlier on Thursday, the Bombay High Court had dismissed a petition by promoters of the Srei Group seeking to stay the insolvency proceedings on the two firms.

The Reserve Bank of India had on October 4 superseded the boards of Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL), paving the way for their resolution.

 

It has also appointed Rajneesh Sharma, Ex-Chief General Manager, Bank of Baroda, as the Administrator of the companies under Section 45-IE (2) of the RBI Act.

Published on October 08, 2021

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