Delhi HC stops Punjab & Sind Bank from acting on SREI loan reclassification

Sources say the order will help SREI preserve the resolution process while protecting lenders and stakeholders from any value erosion on account of such unnecessary reclassification

The Delhi High Court has restrained Punjab & Sind Bank, which recently declared SREI loans as “fraud”, from taking any further steps on the basis of its reclassification till the next hearing.

In an order dated April 22, the court said that till the next date, respondent no. 1 (Punjab & Sind Bank) will stand restrained from taking any further steps or action prejudicial to the petitioner on the basis of the order declaring the petitioner’s bank account as fraud. The petition was filed by SREI promoter, Hemant Kanoria.

The matter has been listed for August 23, 2022.

According to