These payments are contingent upon the recovery from underlying assets over the ensuing seven years. Creditors accepted a haircut of 55 per cent, considering a complete retrieval of the uncommitted value of Rs 8,000 crore. The cumulative claims of financial creditors for the two NBFCs amounted to Rs 32,750.22 crore. The Reserve Bank of India superseded the boards of SIFL and SEFL in October 2021 due to governance concerns and repayment defaults. Subsequently, the banking regulator approached the NCLT Kolkata to initiate the insolvency proceedings against the twins for a consolidated resolution.