Workers labour at a construction site (Photographer: Sara Hylton/Bloomberg)
The Reserve Bank of India is preparing to refer Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd. for insolvency proceedings, according to two people in the know. As per procedure, the RBI will first need to supersede the board of these companies before referring them for insolvency proceedings.Non-bank lenders are referred for insolvency under a special window of the Insolvency and Bankruptcy Code. While lenders recom...