The National Company Law Appellate Tribunal (NCLAT) has asked the Reserve Bank of India to submit a response to a plea from the erstwhile promoters of Srei through Adisri Commercial.

The erstwhile promoters have moved the NCLAT after the Calcutta bench of the National Company Law Tribunal last Friday approved the resolution plan of the government-backed National Asset Reconstruction Company (NARCL) for the two insolvent Srei companies — Srei Infrastructure Finance and Srei Equipment Finance.

The Corporate Insolvency Resolution Process (CIRP) was initiated against the two NBFCs through orders dated October 8, 2021. The erstwhile promoters had earlier moved NCLT against the initiation of CIRP citing section 10A.

The principal bench of the NCLAT in an order on Wednesday allowed senior counsel appearing for the RBI to file an affidavit in reply within three weeks and allowed two weeks time to file a rejoinder. The next hearing is on September 25.

Ranjit Kumar, senior advocate and former solicitor-general, and Rishav Banerjee, advocate, represented Adisri.

Three bidders — NARCL, the consortium of Varde Partners and Arena Investors, and Authum Investment — had participated in the challenge mechanism process, adopted by the consolidated committee of creditors.

The resolution plan of NARCL was approved by the committee of creditors with an 82.9 per cent voting share. Authum, which contested the challenge mechanism, has also moved the NCLAT against Srei administrator Rajneesh Sharma.

In Authum’s case, the principal bench of the NCLAT has allowed respondents to file a reply within two weeks and a rejoinder affidavit two weeks thereafter. The matter will be heard on October 4.