NCLT admits RBI's insolvency petition against SREI firms

12 Oct 2021 CW Team

National Company Law Tribunal (NCLT) has admitted the Reserve Bank of India's (RBIs) insolvency petition against two SREI firms, including SREI Infrastructure and SREI Equipment Finance.

Rajneesh Sharma, administrator of SREI, appointed by RBI, has also been accepted by the NCLT. The founder of SERI Group, Hemant Kanoria, said that the company's objective from the beginning had been resolution. The company had moved to NCLT in 2020 for payment to all the creditors under Section 230 due to this reason, which was not considered.

He said that when the administrator was appointed, the company moved to Bombay High Court so that the investor process could complete, and a resolution could arrive expeditiously till the Insolvency and Bankruptcy Code, 2016 (IBC) proceedings could stay.

Hemant Kanoria told the media that the court did not accept, and RBI has moved to NCLT, so the company will cooperate with the regulatory to get a solution. He expresses confidence in India regulatory, government and judiciary for a fair decision.

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