Srei Infrastructure Finance on Wednesday said there may be a delay by the company and its subsidiary Srei Equipment Finance Ltd (SEFL) in submitting financial results for September quarter due to initiation of corporate insolvency resolution process against them.
Through an order on October 8, 2021, the National Company Law Tribunal (NCLT), Kolkata bench initiated corporate insolvency resolution process against Srei Infrastructure Finance Ltd (SIFL) and SEFL under the Insolvency and Bankruptcy Code, 2016.
On October 4, the Reserve Bank superseded the boards of SIFL and SEFL owing to governance concerns and defaults by the companies in meeting payment obligations. RBI appointed Rajneesh Sharma as the administrator of the companies (Srei Group). Sharma is a former chief general manager of Bank of Baroda.
