NCLAT to hear SREI Infra’s plea on October 4

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned the hearing on SREI Infrastructure’s insolvency case till October 4 after the company sought time to submit its response to the Reserve Bank of India (RBI).

Adishree Commercial, former promoter of SREI Infrastructure, has appealed in NCLAT challenging the decision of NCLT Kolkata bench.

During the last hearing, NCLAT had asked RBI to file its reply on the plea within three weeks, which the banking regulator did.

On 8 October 2021, the Kolkata bench of the National Company Law Tribunal (NCLT) admitted SREI into corporate bankruptcy, and Adishree’s petition challenging the NCLT order was dismissed by the NCLAT in December 2022.

In its latest petition, Edirsi Commercial argued that its initial appeal was rejected due to delay in filing and was not assessed on its merits, as it was denied notice. The company claims that it has no outstanding debt as stated by the RBI and has not been given an opportunity to prove that it does not have any debt.

The RBI argued that reconsideration of rejected appeals would disrupt the Corporate Insolvency Resolution Process (CIRP), reset the timeline and set a risky precedent. The rejection of the previous appeal by the Supreme Court casts doubt on the withdrawal of the order.

In October 2021, the RBI had replaced the boards of SREI Infrastructure Finance and subsidiary SREI Equipment Finance due to governance and default concerns.

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