Srei Equipment Finance

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

The National Company Law Tribunal's Kolkata bench has approved National Asset Reconstruction Company Ltd's resolution plan for two Srei group companies, according to a regulatory filing. NARCL emerged as the winning bidder for the two Srei group firms -- Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) -- through an insolvency resolution process in February. The NCLT has orally pronounced an order on August 11 approving the resolution plan submitted by NARCL with respect to the corporate insolvency resolution process of the companies, SIFL said in the regulatory filing on Friday. "A detailed disclosure shall be made upon the written order being made available -- which shall inter alia contain the details on the treatment of existing securities of the corporate debtors under the approved resolution plan, as required under the Listing Regulations and the Guidance," it said. The Reserve Bank of India (RBI) superseded the boards of SIFL and SEFL in October 2

Srei promoters dispute insolvency proceedings; next hearing on March 31

Government had suspended fresh insolvency proceedings through an ordinance in June 2020

Srei insolvency: Kanorias' offer under section 12A to pay off dues rejected

Srei administrator Rajneesh Sharma has rejected the group promoters' offer under section 12A of Insolvency and Bankruptcy Code (IBC) to pay off dues of around Rs 32,000 crore to creditors to withdraw their companies from the ongoing insolvency process, sources said on Monday. Section 12A allows erstwhile management of corporate debtors to settle matters between creditors and withdraw cases under Corporate Insolvency. Srei Equipment Finance Ltd and Srei Infrastructure Finance Ltd are currently undergoing insolvency proceedings in NCLT. The RBI has already superseded the respective boards earlier. "The offer was rejected on technical grounds. The offer should have been sent to the Reserve Bank of India which is the applicant to NCLT for the insolvency proceedings and not to the administrator," a top source aware of the developments said. The voting process on the three resolutions is on track and it will continue till February 14. The Committee of Creditors is expected to finalise on

Voting for IBC resolution of twin Srei companies to begin on Thursday

Srei has received three compliant resolution plans, which will be voted on by lenders and debenture holders

NARCL emerges as the highest bidder for SREI with NPV of Rs 5,555 cr

In the final lap, there were just two bidders in the fray - NARCL, and Authum with an NPV of Rs 5,526 crore

NARC's offer for Srei companies not to be backed by govt guarantees

The NARC has offered an upfront cash payment of Rs 2,100 crore and Rs 3,500 crore payable in deferred instruments

Arena-Varde Partners, NARCL and Authum submit final bids for Srei companies

Srei Infrastructure Finance and Srei Equipment Finance were admitted for bankruptcy following applications filed by the Reserve Bank of India in October 2021

Rs 13K-cr 'sham' transactions were audited, given clean chit: Srei promoter

Concerted effort to financially kill group by using auditors to mis-categorise transactions: Srei promoter

Auditor flags Rs 13,110 cr of fraud deals in Srei Equipment Finance

Sum includes transactions amounting to Rs 1,283 cr determined as undervalued; Srei Equipment Finance is currently undergoing corporate insolvency resolution process

SREI Equipment Finance auditor reports Rs 13,110-cr fraudulent transactions

The administrator has filed applications before the Kolkata bench of the NCLT for adjudication

Lenders for Srei group companies accept EoI by AM Mining India

Sources indicated that issuing a fresh RFRP meant that the process was being opened to EoI participants

Srei lenders want more upfront cash from bidders; decision likely on Sep 17

Negotiations underway on increasing bid amount, shorter payment schedule

Srei group receives two resolution plans for debt-ridden companies: Report

Two bids have been received for two debt-ridden Srei group companies under the insolvency resolution process and one of the bids is estimated to be worth around Rs 15,000 crore, according to sources. Srei Infrastructure Finance Limited and Srei Equipment Finance Limited are undergoing a resolution process under the Insolvency and Bankruptcy Code. "This is to inform you that the 13th (Thirteenth) meeting of the Consolidated Committee of Creditors of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited was duly convened and conducted on Monday, August 29, 2022, from 5:15 P.M. onwards. The meeting was conducted virtually. "It is further informed that the Administrator of the Corporate debtor has received two (2) 'Resolution Plans' pursuant to the Request for Resolution Plan dated April 1, 2022, (as modified on June 30, 2022) issued by the Administrator within the deadline for submission as given to the Prospective Resolution Applicants (PRAs)," a regulatory filing sai

Srei Equipment Fin auditor reports Rs 2K-cr fraudulent deals in FY18-21

The time of occurrence of all these fraudulent transactions is during 2017-18 to 2020-21

Srei Equipment Finance's auditor Haribhakti resigns from immediate effect

In a letter to administrator of Srei Equipment Finance, Haribhakti cited RBI guidelines for the appointment of statutory central auditors /statutory auditors of commercial banks

Srei group transaction auditor reports Rs 3,025 cr fraud in FY20 and FY21

Srei Equipment Finance said its administrator has received a report from the transaction auditor about certain fraud transactions in FY20 and FY21, bearing a monetary impact of over Rs 3,025 crore

Vedanta, Jindal Power among 17 to show interest in SREI resolution

Resolution plan by April 30, but deadline can be stretched on request

Why Reserve Bank has 'shocked' Srei

It seems that the RBI had very little choice as the promoters did not infuse fresh capital, make adequate provisioning and improve corporate governance

RBI warned Srei group repeatedly, Kanoria says it complied every time

Srei was one of the few top NBFCs in constant 'asset quality review' focus of RBI, even as the regulator never used that term for NBFCs

Reserve Bank of India retains advisory committee on Srei group companies

On October 04, 2021, RBI had constituted a three-member panel to assist Rajneesh Sharma, Administrator in discharge of his duties