Kanorias make an offer under Section 12A to take Srei out of insolvency

They feel that existing resolution plans under consideration by the Srei CoC fail to offer a fair and equitable consideration to both creditors and shareholders of Srei companies, the sources said

The Kanorias, erstwhile promoters of Srei, have submitted a resolution plan under Section 12A of the Insolvency and Bankruptcy Code (IBC), sources said.

The development comes at a time when voting by the committee of creditors (CoC) on three resolution plans – submitted by NARCL, Authum, Varde-Arena – for the two Srei companies were underway and expected to be concluded on February 14.

Sources close to the Kanorias said that the promoters want to pull Srei out of IBC. They feel that existing resolution plans under consideration by the Srei CoC fail to offer a fair and equitable consideration to