The RBI had on October 4 superseded the Board of Directors of Srei Infra and Srei Equipment Finance owing to governance concerns and defaults.
The central bank of India has appointed Rajneesh Sharma, the former Chief General Manager at Bank of Baroda, as administrator.
SREI Infrastructure Finance informed that a special audit of the company and its subsidiary, Srei Equipment Finance Limited, is being undertaken by an auditor appointed by the Reserve Bank of India.
"The Indian judiciary should facilitate infrastructure development by providing speedy resolutions. Our country's economic progress hinges on this," Bhutoria said.
"A term sheet has been signed between both the parties so far which is a part of due diligence process," a source told Moneycontrol.