Stopping promoters' bids will severely impact recoveries: Hemant Kanoria

Banks have to be selective in pushing cases to the NCLT, cautioned the Srei Infrastructure Finance CMD

Kolkata-based Srei Infrastructure Finance is one of the few non-banking institutional lenders to debt-ridden steel companies in the National Company Law Tribunal (NCLT). Srei had submitted an expression of interest (EoI) for Electrosteel Steels from the Reserve Bank of India's (RBI's) first list of 12 companies going through insolvency but did not follow it up with a bid. In an interview with Namrata Acharya and Ishita Ayan Dutt, Srei Infrastructure Finance Chairman and Managing Director Hemant Kanoria explains how pushing firms indiscriminately to the NCLT would have a negative impact on recoveries and why it refrained from bidding for Electrosteel.