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The Reserve Bank of India has filed applications for initiation of the corporate insolvency resolution process against Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd.
The petitions have been filed with the Kolkata bench of the National Company Law Tribunal.
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Srei firms found ever-greening NPAs, in payment default
As on March 31, 2020, Srei Infra had a negative CRAR of 3.4% against the regulatory requirement of 15%“As per Rule 5(b )(i) of the FSP Insolvency Rules, an interim moratorium has commenced on and from the date of filing of the application till its admission or rejection,” SIFL said in a stock exchange filing on Friday.
Just a day earlier on Thursday, the Bombay High Court had dismissed a petition by promoters of the Srei Group seeking to stay the insolvency proceedings on the two firms.
The Reserve Bank of India had on October 4 superseded the boards of Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL), paving the way for their resolution.
It has also appointed Rajneesh Sharma, Ex-Chief General Manager, Bank of Baroda, as the Administrator of the companies under Section 45-IE (2) of the RBI Act.
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