Srei

This strategic move sets the stage for the resolution of a significant financial debt amounting to Rs 32,700 crore, NARCL said.

NARCL likely to wind up Srei group's equipment finance arm; retain SIFL for business continuity

The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of NARCL for takeover of the twin Srei firms under Insolvency and Bankruptcy Code.

NCLT approves NARCL's resolution plan for two Srei group firms

The National Company Law Tribunal's Kolkata bench has approved National Asset Reconstruction Company Ltd's resolution plan.

Erstwhile Srei management moves NCLT for consideration of its settlement offer

"Congratulations to Mr Ajay Banga on being nominated to lead @WorldBank. India supports Mr Banga's nomination and looks forward to his leadership of the @WorldBank," the finance ministry said in a series of tweets.

Srei auditor flags fresh fraud of Rs 296 crore

As per the report prepared by the transaction auditor, the concerned transactions occurred during financial years 2014-2015 to 2021- 2022

NARCL highest NPV bidder with Rs 5,555 crore offer in Srei resolution

NARCL's net present value bid, submitted in the 10-hour-long "challenge mechanism" conducted by the committee of creditors (CoC) on Tuesday, constitutes Rs 3,200 crore in cash, a Rs 1000-crore jump from the previous plans offered, he said.

ArcelorMittal joins race to acquire Srei group companies under IBC

Srei lenders have invited a fresh round of bids for companies after a dispute with earlier bidders over earnest money deposit

Srei receives three bids; decision after technical and financial evaluation

The Reserve Bank of India had in October last year superseded the boards of SIFL (Srei Infrastructure Finance Limited) and its wholly-owned subsidiary SEFL (Srei Equipment Finance Limited), and a joint resolution is taking place for these companies for its outstanding liabilities of about Rs 32,000 crore.

Union Bank classifies accounts of Srei Equipment Fin, Srei Infra Fin as 'fraud'

Union Bank will be initiating the appropriate legal proceedings in this regard in due course of time, the lender said in an exchange filing.

Exclusive | In hindsight, there were some errors in judgment from our side too, says Hemant Kanoria of Srei

The way some very unresearched reports have surfaced sullying the Srei brand name and dragging the family name into it, we cannot rule it (conspiracy campaign to malign Srei’s image) out completely, says Kanoria, the erstwhile promoter of Srei Infra and Srei Equipment Finance.

Srei Episode: Eight vital questions answered

The RBI has moved quickly to act on the Srei issue and bankruptcy proceedings are on. What lies ahead for Srei now?

Srei employees plan to approach RBI administrator seeking clearance of salary arrears

Lenders had capped the salaries of Srei executives at Rs 50 lakhs per annum in December last year. The salary cap was removed in April this year. However, even after around six months, the arrears are yet to be paid to Srei employees.

RBI retains advisory committee for Srei Group companies

The members of the Committee are R. Subramaniakumar, former MD & CEO, Indian Overseas Bank, T T Srinivasaraghavan, former Managing Director, Sundaram Finance Limited and Farokh N Subedar, former Chief Operating Officer and Company Secretary, Tata Sons Limited.

RBI moves NCLT to initiate insolvency proceeding against Srei Infrastructure & Srei Equipment Finance

An interim moratorium shall commence from the date of filing the application till its admission or rejection, the RBI said.

RBI moves NCLT to initiate insolvency proceedings against SREI Group firms

This follows Bombay High Court on October 7 dismissing SREI Group's plea against the Reserve Bank of India's (RBI) action on Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).

SREI founder Hemant Kanoria: Not exploring legal options, only tried for resolution outside IBC

SREI founder said the group didn’t move the Bombay High Court against the RBI decision but was only trying for a resolution outside the IBC mechanism to avoid a huge haircut to SREI’s lenders.

Bombay High Court dismisses Srei Group's writ petition against RBI

Srei Group promoters, Adisri commercial private ltd, had sought a stay on initiating insolvency proceedings against Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).

Srei Group promoters move Bombay High Court against RBI action

Srei Group promoters have sought stay on any insolvency proceedings against the two companies.

What’s next in the Srei resolution process?

Resolution is likely to take a long time but, from a long term perspective, it is time to bring back the FRDI bill

End of the road for Srei promoters?

Triggered by the liquidity crunch that accompanied the IL&FS collapse in late 2018, the Srei group’s problems worsened over time. With the RBI cracking the whip, it is probably end of the road for Srei promoters.

Explained | The Srei Group case – Why the RBI superseded boards of 2 NBFCs

The banking regulator will soon initiate the process of resolution for both companies, which it said were superseded because of governance issues and payment defaults.

Srei's RBI-appointed administrator takes charge, meets department heads

RBI will soon initiate the process of resolutions of the NBFCs under the Insolvency and Bankruptcy Rules 2019 and apply to the NCLT for appointing the Administrator as Insolvency Resolution Professional.

Srei 'shocked' by RBI move, says will take all necessary legal steps

Over the last three decades, Srei has already paid Rs 30,000 crore as interest and another Rs 20,000 crore principal to banks and there has never been any delay in loan servicing before Covid-19 ravaged the country, Srei group has said

RBI appoints advisory committee to advise administrator of Srei Infrastructure Finance & Srei Equipment Finance

The Committee of Advisors will advise the administrator in the operations of the entities during the corporate insolvency resolution process.

Srei seeks debt recast by lenders, RBI approval to get investors on board

The Kolkata-based group is in the middle of a severe financial crisis and hopes to get much-needed survival capital. Lenders have tightened the screws on its cashflows and are waiting for the outcome of an ongoing forensic audit.