Reserve Bank intends to start the process of resolution of two NBFCs under IBC soon
The Srei group owes around Rs 18,000 crore to around 15 lenders including Axis Bank, UCO Bank and State Bank of India.
- PTI
- Last Update:October 04, 2021, 17:19 IS
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The Reserve Bank of India on Monday superseded the boards of Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL), citing governance concerns and payment defaults. Rajnish Sharma, former chief general manager of Bank of Baroda, has been appointed as the administrator of the two NBFCs, a release said.
“The Reserve Bank intends to soon initiate the process of resolution of the two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and shall also apply to appoint the NCLT . Administrator as insolvency resolution professional,” it said. The Srei Group owes around Rs 18,000 crore to around 15 lenders including Axis Bank, UCO Bank and State Bank of India.
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