The National Company Law Tribunal (NCLT), Kolkata Bench, admitted an application filed by Reserve Bank of India (RBI) for initiating insolvency proceedings against Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL).
Rajneesh Sharma has been appointed administrator, but the order was not uploaded till the time of going to press. The central bank moved the tribunal on Friday after the Bombay High Court dismissed a writ petition by Adisri Commercial, a promoter entity of Srei, seeking a stay on insolvency proceedings, on Thursday.
The RBI in a statement said that it had filed applications for initiation of corporate insolvency resolution process (CIRP) against Srei Infrastructure Finance and Srei Equipment Finance at the Kolkata Bench of the NCLT.
