The National Company Law Tribunal, Kolkata Bench on 8th October 2021 admitted the Application of the Reserve Bank of India (RBI) against the Srei Infrastructure Finance Limited (SIFL).
The NCLT Bench comprising the Judicial Member Rajasekhar V.K. and Technical Member Harish Chander Suri in the application filed by the Reserve Bank of India (Appropriate Regulator) under section 227 read with section 239(2(zk) of the Insolvency and Bankruptcy Code, 2016 for initiations of Corporate Insolvency Resolution Process (in short “CIRP”) against Srei Infrastructure Finance Limited (in short “SIFL”), the Financial Service Provider.
The Court observed, "the Petition made by the Reserve Bank of India is complete in all respects as required by law. It clearly shows that the Respondent/FSP is in default of a debt due and payable, and the default is more than the minimum amount as stipulated under section 4(1) of the Code. Therefore, the default stands established and there is no reason to deny the admission of the Petition. Therefore, this Adjudicating Authority hereby admits this Petition."
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