Rajneesh Sharma, Ex-Chief General Manager of Bank of Baroda has been appointed as the administrator of the two NBFCs--Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) on on Monday (October 4)

This development took place after the Reserve Bank of India superseded the boards of directors of the abovementioned NBFCS, citing governance concerns and payment defaults, said PTI.

"The Reserve Bank also intends to shortly initiate the process of resolution of the two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and would also apply to the NCLT for appointing the Administrator as the Insolvency Resolution Professional," it said.

Srei group owes around Rs 18,000 crore to around 15 lenders, including Axis Bank, UCO Bank and State Bank of India.