BackNCLAT to hear SREI Infra plea on 4 Oct
Adisri Commercial, former promoter of SREI Infrastructure, has appealed to the NCLAT challenging the NCLT Kolkata bench decision.
PremiumNew Delhi: The National Company Law Appellate Tribunal (NCLAT) on Monday postponed the hearing on the insolvency case of SREI Infrastructure until 4th October after the company sought time to submit a rejoinder to the Reserve Bank of India (RBI) response.
Adisri Commercial, former promoter of SREI Infrastructure, has appealed to the NCLAT challenging the NCLT Kolkata bench decision.
During the previous hearing, NCLAT had asked the RBI to file a reply to 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 insolvency, and Adisri's plea challenging the NCLT order was dismissed by NCLAT in December 2022.
In its latest plea, Adirsi Commercial argued that its initial appeal was dismissed due to a filing delay and was not evaluated on its merits, as it was denied notice. The company claims it doesn't owe the debt as asserted by the RBI and wasn't given the chance to prove the absence of debt.
The RBI argued that revisiting the dismissed appeal would disrupt the Corporate Insolvency Resolution Process (CIRP), reset the timeline, and set a risky precedent. The Supreme Court's previous dismissal of the appeal raises doubts about recalling 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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