NARCL acquires two SREI cos under insolvency resolution

National Asset Reconstruction Company (NARCL) has acquired two SREI companies ? SREI Equipment Finance and SREI Infrastructure Finance ? under the Insolvency and Bankruptcy Code, 2016 (IBC). The implementation of the consolidated plan would result in the resolution of financial debt worth INR 32,700 crore and entails about 50% recovery upfront for lenders. In August this year, NARCL won the bid under the IBC process. NARCL has paid 50% of the committed resolution amount to the lending consortium.