New Delhi The Supreme Court on Monday dismissed Adisri Commercial’s appeals seeking stay on the insolvency proceedings initiated by RBI against its two debt-laden NBFCs – Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL).
A Bench led by Chief Justice DY Chandrachud’s upheld the order of the National Company Law Appellate Tribunal (NCLAT) rejecting Srei Infrastructure Finances‘ promoter Adisri Commercial’s plea for quashing of the National Company Law Tribunal’s October 8, 2021 order that admitted Srei Equipment under the Corporate Insolvency Resolution Process (CIRP). Insolvency proceedings were initiated against the SREI Group company on RBI’s application filed under Section 227 of the Insolvency and Bankruptcy C…
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