Srei Infrastructure

The National Company Law Tribunal's Kolkata bench has approved National Asset Reconstruction Company Ltd's resolution plan for two Srei group companies, according to a regulatory filing. NARCL emerged as the winning bidder for the two Srei group firms -- Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) -- through an insolvency resolution process in February. The NCLT has orally pronounced an order on August 11 approving the resolution plan submitted by NARCL with respect to the corporate insolvency resolution process of the companies, SIFL said in the regulatory filing on Friday. "A detailed disclosure shall be made upon the written order being made available -- which shall inter alia contain the details on the treatment of existing securities of the corporate debtors under the approved resolution plan, as required under the Listing Regulations and the Guidance," it said. The Reserve Bank of India (RBI) superseded the boards of SIFL and SEFL in October 2

Srei Infrastructure Finance and Srei Equipment Finance were admitted for bankruptcy following applications filed by the Reserve Bank of India in October 2021

The National Company Law Tribunal (NCLT) has extended the time till January 5 next year for completion of insolvency resolution process for Srei Infrastructure Finance. Total three participants have shown interest in the buyout process. "National Company Law Tribunal, Kolkata bench has extended the time of completion of Corporate Insolvency Resolution Process (CIRP) till 5th January, 2023 with respect to the ongoing CIRP of the company," Srei said in a BSE filing. In October 2021, the RBI took the management of the Kolkata-based non-banking housing finance company due to its deteriorating financial conditions and governance issues. Following this, the company came under CIRP. The RBI and Srei are the litigant parties in the matter. As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP. The committee of creditors (CoC) through its counsel had informed NCLT that Expressions Of Interest (EoIs) have been rece

According to sources, Arena Investors LP and VFSI Holdings, an affiliate of Varde Partners, were among those who submitted plans

Jindal Power was hived off from its listed parent, Jindal Steel and Power last year to the promoter family and has been bidding for various bankrupt entities since

Srei Infrastructure Finance has suffered yet another blow as its CEO Rakesh Kumar Bhutoria resigned even as the company is going through the debt resolution process with the lenders

Plans to issue one or more instruments through public offer, QIP, private placement, preferential or rights issue

Srei wants to surrender the certificate of authorisation received from the Reserve Bank of India

He also elaborates on recent government policy changes that have panned out in favor of the infrastructure sector

Company looks to monetise stake in e-commerce and roads