MUMBAI : The National Company Law Appellate Tribunal (NCLT) on Wednesday rejected Srei Infrastructure Finances promoter Adisri Commercials plea challenging the Kolkata National Company Law Tribunals 8 October 2021 insolvency order.
In October last year, the NCLTs Kolkata bench in its order allowed the Reserve Bank of Indias application under section 227 of the Insolvency and Bankruptcy Code, 2016, thus admitting Srei Equipment under Corporate Insolvency Resolution Process (CIRP).
Prior to which RBI superseded the boards of Kolkata-based Srei Infrastructure Finance and its subsidiary Srei Equipment Finance due to concerns over governance and default on loan repayment obligations.
According to the NCLAT order, the Promoters submitte…
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