The Kolkata bench of the national company law tribunal (NCLT) has approved the Rs14,867.50 crore resolution plan submitted by state-backed National Asset Reconstruction Company (NARCL) for SREI Equipment Finance Ltd (SEFL) and SREI Infrastructure Finance Ltd (SIFL), which are under the corporate insolvency resolution process (CIRP). This is the first acquisition by the government-owned NARCL. The resolution plan of NARCL was approved in February by the committee of creditors (CoC) of these two companies from the SREI group.
New Delhi: The Competition Commission of India (CCI) announced on Thursday that it has given the green light for National Asset Reconstruction Company Ltd (NARCL) and India Debt Resolution Company Ltd (IDRCL) to acquire SREI Infrastructure Finance.
National Asset Reconstruction Company Ltd (NARCL) is an asset reconstruction company while India Debt Resolution Company Ltd (IDRCL) provides debt management services to NARCL. Both entities are backed by the Government of India.
Get latest articles and stories on Latest News at LatestLY. 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. Latest News | Srei Insolvency: Kanorias Offer to Pay off Dues Rejected Under Technical Ground.
SREI Equipment Finance Ltd has reported alleged fraudulent transactions amounting to Rs 13,110 crore, during the erstwhile management of the company, run by Hemant Kanoria and Sunil Kanoria.In the unaudited financial results of the company for .