NCLT Extends Insolvency Resolution Process, For Srei Infra Till Jan 5

The National Company Law Tribunal (NCLT) has extended the time till January 5 next year for completion of insolvency resolution process for Srei Infrastructure Finance. Total three participants have shown interest in the buyout process. "National Company Law Tribunal, Kolkata bench has extended the time of completion of Corporate Insolvency Resolution Process (CIRP) till 5th January, 2023 with respect to the ongoing CIRP of the company," Srei said in a BSE filing.

In October 2021, the RBI took the management of the Kolkata-based non-banking housing finance company due to its deteriorating financial conditions and governance issues. Following this, the company came under CIRP. The RBI and Srei are the litigant parties in the matter. As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP.

The committee of creditors (CoC) through its counsel had informed NCLT that Expressions Of Interest (EoIs) have been received from three "serious" participants. Besides, the CoC said it will make all endeavour to complete the resolution process within the time sought through the interim application. "Having regard to the totality of circumstances particularly keeping in mind that three additional EoIs...we enlarge the time of completion of CIRP up till 5th of January, 2023," the order said.

(PTI)