IMC constituted to supervise NARCL resolution plan for Srei group firms

Srei Infrastructure Finance Ltd (SIFL) on Thursday said an implementation and monitoring committee has been constituted to supervise the implementation of the resolution plan for the debt-ridden company.

The National Company Law Tribunal (NCLT) Kolkata on August 11, 2023, approved the resolution plan for SIFL and Srei Equipment Finance Ltd.

The NCLT also cleared the features of the approved resolution plan in compliance with the requirements of the listing regulations, SIFL said in a regulatory filing.

As per the approved resolution plan, it said, "an implementation and monitoring committee has been constituted (IMC), which is inter alia empowered to supervise the implementation of the Approved Resolution Plan and oversee the management of the affairs of the Companies as per the terms of the Approved Resolution Plan".

The first meeting of IMC was held on August 16, 2023, it added. The NCLT had approved the resolution plan submitted by National Asset Reconstruction Company Ltd for two Srei group firms.

NARCL emerged as the winning bidder for the two Srei group firms -- Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) -- through an insolvency resolution process in February.

The Reserve Bank of India (RBI) superseded the boards of SIFL and SEFL in October 2021 due to governance concerns and repayment defaults. Later, the RBI approached the NCLT to initiate the insolvency proceedings against the twins for a consolidated resolution.

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