NCLAT rejects Authum plea on SREI; NARCL completes payments
NCLAT) has dismissed Authum Investment & Infrastructure's appeal against the takeover of the twin SREI NBFCs by the National Asset Reconstruction Co Ltd (NARCL) clearing all roadblocks for the smooth takeover of the companies.
In an oral order a two judge bench of NCLAT chairman Ashok Bhushan and Barun Mitra said they do not find an error in the NCLT order rejecting Authum's plan in August and there were no grounds in the appeal.
The order is a boost to the beleaguered NARCL which has been struggling to complete transactions. The SREI acquisition is the company's largest transaction and first through the bankruptcy process.
Rajneesh Sharma administrator to SREI Infrastructure Finance Ltd (SIFL) and SREI Equipment Finance Finance Ltd (SEFL) said though formalities like payments by NARCL, issuance of debentures and security receipts have been completed in December, the court's order means the handover will be completed in the next few days.
«The NCLAT order only confirms that the NCLT decision was genuine.
The order confirms implemention of the plan without any issues. We had completed all formalities in the last week of December as per the timeline and were just waiting for this order.
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