Srei promoters dispute insolvency proceedings; next hearing on March 31

The Srei companies – Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) – could not have been admitted for insolvency proceedings, counsels representing Adisri Commercial, the largest shareholder, said before the National Company Law Tribunal (NCLT), Kolkata Bench, on Tuesday.

Counsels appearing for Adisri raised that the date of default in SIFL and SEFL fell during the period suspended for initiation of corporate insolvency resolution process (CIRP) under Section 10A of the Insolvency and Bankruptcy Code (IBC).

It may be mentioned that the government had suspended fresh insolvency proceedings through an ordinance in June 2020 by inserting