The National Company Law Tribunal has extended the time till January 5 next year for the completion of insolvency resolution process for Srei Infrastructure Finance. Total three participants have shown interest in the buyout process.
“National Company Law Tribunal, Kolkata bench has extended the time of completion of Corporate Insolvency Resolution Process till 5th January 2023 with respect to the ongoing CIRP of the company,” Srei said in a BSE filing.
In October 2021, the RBI took the management of the Kolkata-based non-banking housing finance company due to its deteriorating financial conditions and governance issues.
Following this, the company came under CIRP. The RBI and Srei are the litigant parties in the matter.
As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP.