NCLT admits RBI's applications to initiate IBC proceedings against Srei

The Kolkata bench of NCLT on Friday admitted RBI's applications to initiate IBC proceedings against Srei Infrastructure Finance and Srei Equipment Finance.

NCLT appointed Rajneesh Sharma as an administrator of the Srei Group firms.

The RBI, earlier on Friday, filed pleas before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the two Srei Group firms.

The Reserve Bank of India filed two separate petitions before the Kolkata-bench of NCLT against two non-banking financial companies-Srei Infrastructure Finance and Srei Equipment Finance.

The two petitions were filed by RBI through its counsel Sanjay Ginodia, senior partner of R Ginodia & Co.

According to Ginodia,