NCLT approves Consolidated Resolution Plan of Rs. 14,867.50 crores submitted by NARCL in group insolvency of SREI Equipment Finance Ltd. and SREI Infrastructure Finance Ltd., FSP – Rajneesh Sharma, Administrator of SREI Equipment Finance Ltd. and SREI Infrastructure Finance Ltd. Vs. National Asset Reconstruction Company Ltd. (NARCL) – NCLT Kolkata Bench

On 11.08.2023, NCLT Kolkata Bench has approved the Resolution Plan of National Asset Reconstruction Company Ltd. (NARCL) in consolidated CIRP of SREI Equipment Finance Ltd. and SREI Infrastructure Finance Ltd.
NARCL is a government entity, has been incorporated on 07.07.2021 with majority stake held by Public Sector Banks and balance by Private Banks with Canara Bank being the Sponsor Bank. NARCL is registered with the Reserved Bank of India as an Asset Reconstruction Company under SARFAESI Act, 2002.
NARCL and IDRCL will infuse funds into the Corporate Debtors and other funds towards Assignment Payments, and provide for Corporate Debtors to undertake repayment obligations in the manner set out in this Resolution Plan, aggregating to INR 14,867.50 crores, which amount shall be utilized for funding payments proposed to be made to the stakeholders of the Corporate Debtors, subject to the terms of this Resolution Plan.

NCLT approves Consolidated Resolution Plan of Rs. 14,867.50 crores submitted by NARCL in group insolvency of SREI Equipment Finance Ltd. and SREI Infrastructure Finance Ltd., FSP – Rajneesh Sharma, Administrator of SREI Equipment Finance Ltd. and SREI Infrastructure Finance Ltd. Vs. National Asset Reconstruction Company Ltd. (NARCL) – NCLT Kolkata Bench Read Post »