Lenders extend deadline for Srei resolution plans

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Lenders extend deadline for Srei resolution plans
30 Jul 2022
min read

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News Synopsis

After three potential bidders asked for a 10-day extension, lenders to the two insolvent Srei firms—which have been going through the corporate insolvency resolution process (CIRP)—extended the deadline for submitting resolution plans by 10 days to August 10.

Earlier, the deadline was July 30. For the third time, the due date has been pushed back.

Based on their discussions with the committee of creditors (CoC), three prospective investors asked the CoC to extend the deadline for submitting resolution plans. After that, according to sources familiar with the situation who spoke to FE, the CoC has thought about giving the administrator a final 10-day deadline for receiving the resolution plans. On Thursday, the CoC held its meeting.

The deadline for submitting the highest bidder's (H1) proposed resolution plan to the Kolkata bench of the National Company Law Tribunal will be set at September 4.

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