Incorporated in accordance with the Companies Act 1956 as a public limited company.
Started operations and identified infrastructure sector as the core business.
Initial Public Offering.
Invested as strategic equity partners with IFC , DEG , FMO.
Partnership with Tata Group.
Pursuant to the Scheme of Arrangement passed by the High Court of Calcutta, inter alia the business, assets and liabilities pertaining to the project finance business and asset based financing business of SIFL de-merged from SIFL and vested in SEFL.
JV with BNP Paribas Lease Group.
Infrastructure Finance Company and Public Finance Institution status.
Equipment Financing arm becomes 100 % Subsidiary.
MoU with TATA Motors for Tipper financing.
Equipment financing under co - lending arrangement using iQuippo platform.
RBI superseded the Board of Directors of SIFL and appointed Mr Rajneesh Sharma as the Administrator. RBI also appointed a three-member advisory committee to assist Mr. Sharma. SIFL was admitted to CIRP under IBC Code, 2016. A Committee of Creditors (CoC) was also formed for approving the resolution plan submitted by resolution applicants.
Hon’ble National Company Law Tribunal, Kolkata Bench (Hon’ble NCLT / Adjudicating Authority) initiated Corporate Insolvency Resolution Process (CIRP) against SIFL under the Insolvency and Bankruptcy Code, 2016 and confirmed the appointment of the Administrator to perform the functions of an interim resolution professional.
Plan submitted by National Asset Reconstruction Company Limited (NARCL) in respect of SIFL was approved by 89.2.% votes and was chosen as a successful resolution plan.
SIFL received the said no-objection to the Resolution Plan of NARCL from RBI.
NCLT approved the application of NARCL Resolution Plan submitted by the Committee of Creditors (CoC) and an Implementation and Monitoring Committee (IMC) was formed to supervise the implementation of the Approved Resolution Plan and to oversee the management of the affairs of the Company as per the terms of the Approved Resolution Plan.
IMC was dissolved and the new Board of SIFL was reconstituted. The Board appointed Mr. Hardayal Prasad as the Managing Director & CEO of the Company.
Company re-designated as Type II – NBFC ND and resumes lending business.