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RBI weighs options for oversight of two Srei group companies
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The Reserve Bank of India (RBI) is understood to be weighing various options including board-level monitoring of the two companies, Srei Equipment Finance and Srei Infrastructure Finance, through either induction of new directors or appointment of an external agency.
Agencies
The suggestions were given in the course of a recent meeting between the regulator and the firm it engaged to conduct a special audit of the Srei companies.
Srei, one of the country’s largest non-banking finance companies, is hurtling towards a tricky terrain.
The Reserve Bank of India (RBI) is understood to be weighing various options including board-level monitoring of the two companies, Srei Equipment Finance and
NCLAT directs liquidation of KS Oils, pulls up NCLT for lapse of 981 days
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Last Updated: Mar 17, 2021, 05:25 PM IST
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The National Company Law Appellate Tribunal (NCLAT) has directed to initiate liquidation process of leading integrated edible oil company K S Oils Ltd and set aside an NCLT order passed against it.
The National Company Law Appellate Tribunal (NCLAT) has directed to initiate liquidation process of leading integrated edible oil company K S Oils Ltd and set aside an NCLT order passed against it. Terming it unfortunate , the appellate tribunal observed that even after the lapse of 981 days and repeated compliance by the Resolution Professional to initiate the liquidation process, the NCLT had not considered it.
NCLAT orders KS Oils liquidation; raps NCLT for lapse of 981 days
March 17, 2021
The insolvency resolution was initiated by the NCLT on 2017 - Getty Images/iStockphoto×
‘Delay in resolution defeats purpose of Insolvency Code’
The National Company Law Appellate Tribunal (NCLAT) has directed initiation of liquidation process of leading integrated edible oil company KS Oils Ltd and set aside an National Company Law Tribunal (NCLT) order passed against it.
Terming it “unfortunate”, the appellate tribunal observed that even after the lapse of 981 days and repeated compliance by the Resolution Professional to initiate the liquidation process, the NCLT had not considered it. A two-member NCLAT Bench headed by Acting Chairperson Justice BL Bhat allowed the appeal filed by the Resolution Professional (RP) saying the “fitness of the situation” allows initiation of liquidation of the corporate debtor KS Oils.
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