Nearly a week after the Reserve Bank of India (RBI) superseded the boards of Srei Infra and Srei Equipment Finance, the Kolkata bench of the National Company Law Tribunal (NCLT) on Friday admitted the two insolvency pleas moved by the banking regulator against the two companies.
A two-member bench of the NCLT also appointed Rajneesh Sharma the administrator to run the companies, while admitting two separate petitions filed by RBI for initiation of corporate insolvency resolution process (CIRP) against the two companies. The insolvency tribunal imposed a moratorium on both the companies and directed its officials to provide all the documents to the administrator during the interim functioning.
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