NARCL may revive Srei's group's infra financing arm SIFL, wind up SEFL
Public sector asset reconstruction company NARCL is likely to revive Srei Infrastructure Finance Ltd (SIFL) and wind up the group's equipment financing arm SEFL after recovering outstanding debt in seven years, a source said on Sunday.
NARCL (National Asset Reconstruction Company) on Wednesday won the bid to take over the two Srei group firms -- SIFL and Srei Equipment Finance Ltd (SEFL) -- through an insolvency process.
The source said that as per the NARCL's resolution plan, SEFL will be kept dormant for at least seven years without any fresh lending and the non-banking financial company (NBFC) will be wound up after recovering outstanding debt.
"Upon taking over the companies, NARCL will not carry fresh lending from SEFL and the company will be wound up after recovering its outstanding in the market and settling court cases," an official told PTI.
"SIFL which has a clean balance sheet and far fewer legal imbroglios will be revived. The regulators are also of this view as per ...