The outstanding Borrowings of SIFL are estimated at Rs 30783 crore. Key lenders to the defaulter are a Consortium of Banks led by UCO Bank and involves State Bank of India, Bank of Baroda, Bank of India, Indian Bank, PNB, Axis Bank, Canara Bank, Union Bank of India and others.
“The Reserve Bank also intends to shortly initiate the process of resolution of the above two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and would also apply to the NCLT for appointing the Administrator as the Insolvency Resolution Professional,” RBI said.