Srei Infra to get time till January 5 to complete IRP

11 Nov 2022 , 08:34 AM

The National Company Law Tribunal has extended the deadline for Srei Infrastructure Finance’s insolvency resolution proceedings to January 5 of next year. Three parties in all have expressed interest in the buyout process.

With regard to the company’s ongoing CIRP, the National Company Law Tribunal’s Kolkata bench has extended the deadline for completion till January 5, 2023, according to Srei’s BSE filing.

Due to the non-banking housing finance company’s poor financial situation and governance difficulties, the RBI assumed management of it in October 2021.

The business was thereafter placed under CIRP. The parties involved in the litigation are the RBI and Srei.

According to an NCLT ruling on October 31, 2022, the Srei administrator had requested an extension until January 2023 for CIRP completion.

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