RBI's action against Reliance Capital: Better late than never : Rashtra News The Reserve Bank of India's decision to seek a resolution of the Anil Dhirubhai Ambani Group (ADAG) promoted two years after it defaulted on payments has led to experts asking what triggered this move at this point in time. Critics have been quick,
Srei Administrator to seek lenders' nod to control cash flows of two bankrupt companies : Rashtra News The administrator of Srei Infrastructure Finance and Srei Equipment Finance, Rajneesh Sharma, will seek a mandate from lenders to control the cash flows of the subsidiaries of the two bankrupt companies and appoint EY as its financial advisor,
The Kolkata bench of the National Company Law Tribunal approved a Rs 301 crore resolution plan against Rs 816 crore admitted claims from creditors, employees, and trade creditors.
RBI has been asked to respond in three weeks to a petition filed by Adisri Commercial, the former promoter of Srei Infrastructure Finance, against an earlier order issued by the tribunal.
This will be the first acquisition of NARCL after it was formed two years ago with the aim to acquire bad loans from Indian banks. NARCL, which gave the highest offer among the three bidders, will now seek approval from the Reserve Bank of India to acquire Srei Equipment Finance and Srei Infrastructure Finance.