(Bloomberg) -- A bankruptcy court in India accepted the Reserve Bank of India's plea to begin insolvency proceedings against Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd., the Business Standard reported.
The National Company Law Tribunal in Calcutta named Rajneesh Sharma as an administrator of the two Srei Group companies, which in total owe over 300 billion rupees ($4 billion) to banks and financial institutions, the report said Friday.
Read more: India Regulator Seizes Struggling Infrastructure Lender Srei
The RBI earlier this month took control of indebted shadow lenders under the four-decade-old Srei Group in a step toward pushing the firms into bankruptcy court -- and in only the second such instance as the country grapples with one of the world's highest bad-debt ratios.
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