NCLAT rejects plea by Srei promoters challenging Kolkata NCLT's order

A plea by Srei Infrastructure Finances’ promoter Adisri Commercial against Kolkata National Company Law Tribunal’s insolvency order has been rejected by The National Company Law Appellate Tribunal (NCLAT).

The NCLT Kolkata bench's order had admitted Srei Equipment underneath Corporate Insolvency Resolution Process (CIRP). Before that RBI had outdated the boards of Srei Infrastructure Finance and Srei Equipment Finance resulting over governance and default on mortgage reimbursement obligations.

The promoters claimed that injustice was done to Srei and its shareholders by the Kolkata NCLT’s decision. The petition of insolvency was not served on the Srei's board and denied the promoters a chance to defend themselves.