RBI initiates Corporate Insolvency Resolution Process against SREI Infrastructure Finance Ltd

On October 08, 2021 the Reserve Bank of India filed applications for initiation of corporate insolvency resolution process against Srei Infrastructure Finance Limited and Srei Equipment Finance Limited (a subsidiary of Srei Infrastructure Finance Limited), respectively, each under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code, 2016 read with Rules 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019 ('FSP Insolvency Rules').

As per Rule 5(b )(i) of the FSP Insolvency Rules, an interim moratorium has commenced on and from the date of filing of the application till its admission or rejection.

Shares of SREI Infrastructure Finance Limited was last trading in BSE at Rs. 7.39 as compared to the previous close of Rs. 7.77. The total number of shares traded during the day was 143287 in over 420 trades.

The stock hit an intraday high of Rs. 7.39 and intraday low of 7.39. The net turnover during the day was Rs. 1058890.00.

Source : Equity Bulls

Keywords

SREIInfrastructureFinance INE872A01014 SREINFRA Finance SREIEquipmentFinance NBFCs CIRP NCLT RBI