Srei Infrastructure Finance

NARCL may wind up Srei group's equipment finance arm, retain SIFL

After completion of the takeover of two Srei group firms through NCLT route, state-owned asset reconstruction company NARCL is expected to retain only one of the acquired companies, official sources said. The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of NARCL for takeover of the twin Srei firms under Insolvency and Bankruptcy Code. The resolution plan had already received approval from banking sector regulator Reserve Bank of India. NARCL emerged as the winning bidder for the two Srei group firms -- Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) -- through a bidding process in February. "According to the resolution plan submitted, the National Asset Reconstruction Company Ltd (NARCL) will cease all fresh lending activities in the group's equipment financing arm -- SEFL, and after recovering the outstanding debt, it will be 'wound up'," the official told PTI. The loan repayment process may extend for the

Srei promoters dispute insolvency proceedings; next hearing on March 31

Government had suspended fresh insolvency proceedings through an ordinance in June 2020

Srei insolvency: Kanorias' offer under section 12A to pay off dues rejected

Srei administrator Rajneesh Sharma has rejected the group promoters' offer under section 12A of Insolvency and Bankruptcy Code (IBC) to pay off dues of around Rs 32,000 crore to creditors to withdraw their companies from the ongoing insolvency process, sources said on Monday. Section 12A allows erstwhile management of corporate debtors to settle matters between creditors and withdraw cases under Corporate Insolvency. Srei Equipment Finance Ltd and Srei Infrastructure Finance Ltd are currently undergoing insolvency proceedings in NCLT. The RBI has already superseded the respective boards earlier. "The offer was rejected on technical grounds. The offer should have been sent to the Reserve Bank of India which is the applicant to NCLT for the insolvency proceedings and not to the administrator," a top source aware of the developments said. The voting process on the three resolutions is on track and it will continue till February 14. The Committee of Creditors is expected to finalise on

Voting for IBC resolution of twin Srei companies to begin on Thursday

Srei has received three compliant resolution plans, which will be voted on by lenders and debenture holders

NARCL emerges as the highest bidder for SREI with NPV of Rs 5,555 cr

In the final lap, there were just two bidders in the fray - NARCL, and Authum with an NPV of Rs 5,526 crore

NARC's offer for Srei companies not to be backed by govt guarantees

The NARC has offered an upfront cash payment of Rs 2,100 crore and Rs 3,500 crore payable in deferred instruments

Arena-Varde Partners, NARCL and Authum submit final bids for Srei companies

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

First NARCL transfer case: Lenders await govt guarantees for SR

The NARCL offered just more than Rs 3,500 crore for debts of over Rs 9,200 crore held by state-owned banks

Rs 13K-cr 'sham' transactions were audited, given clean chit: Srei promoter

Concerted effort to financially kill group by using auditors to mis-categorise transactions: Srei promoter

Stocks to Watch: Fusion MicroFinance, Srei, IRCTC, Apollo Tyres, LTI, Paytm

Stocks to Watch Today: Fusion MicroFinance set for its market debut today. Meanwhile, in the F&O segment, BHEL, GNFC, PNB and Sun TV Network are ban period on Tuesday.

Auditor flags Rs 13,110 cr of fraud deals in Srei Equipment Finance

Sum includes transactions amounting to Rs 1,283 cr determined as undervalued; Srei Equipment Finance is currently undergoing corporate insolvency resolution process

NCLT extends insolvency resolution process for Srei Infra till Jan 5

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

Lenders for Srei group companies accept EoI by AM Mining India

Sources indicated that issuing a fresh RFRP meant that the process was being opened to EoI participants

Srei lenders want more upfront cash from bidders; decision likely on Sep 17

Negotiations underway on increasing bid amount, shorter payment schedule

Srei group receives two resolution plans for debt-ridden companies: Report

Two bids have been received for two debt-ridden Srei group companies under the insolvency resolution process and one of the bids is estimated to be worth around Rs 15,000 crore, according to sources. Srei Infrastructure Finance Limited and Srei Equipment Finance Limited are undergoing a resolution process under the Insolvency and Bankruptcy Code. "This is to inform you that the 13th (Thirteenth) meeting of the Consolidated Committee of Creditors of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited was duly convened and conducted on Monday, August 29, 2022, from 5:15 P.M. onwards. The meeting was conducted virtually. "It is further informed that the Administrator of the Corporate debtor has received two (2) 'Resolution Plans' pursuant to the Request for Resolution Plan dated April 1, 2022, (as modified on June 30, 2022) issued by the Administrator within the deadline for submission as given to the Prospective Resolution Applicants (PRAs)," a regulatory filing sai

Srei Equipment Finance's auditor Haribhakti resigns from immediate effect

In a letter to administrator of Srei Equipment Finance, Haribhakti cited RBI guidelines for the appointment of statutory central auditors /statutory auditors of commercial banks

Vedanta, Jindal Power among 17 to show interest in SREI resolution

Resolution plan by April 30, but deadline can be stretched on request

NCLT to decide on rights issue plea against Trinity Alternative Investment

NCLAT has asked the Kolkata bench of NCLT to decide over the plea of SREI Infrastructure Finance against the rights issue of its subsidiary Trinity Alternative Investment Managers

Srei Group expects delay in Q2 results on insolvency order

The comapny on Wednesday said there may be a delay in submitting the financial results

Why Reserve Bank has 'shocked' Srei

It seems that the RBI had very little choice as the promoters did not infuse fresh capital, make adequate provisioning and improve corporate governance