"The only reason for our January 2021 move to get a debt recast proposal approved by the NCLT was to ensure that we fully repaid our lenders after we found cash-flow issues since the pandemic; in fact, our problem began after IL&FS went belly-up in October 2018. The problem cropped up because the RBI allowed our borrowers to avail of the moratorium but did not allow banks to offer moratorium to their NBFC borrowers," Kanoria said. "In fact, by going to the NCLT with a 10-year repayment schedule under the provisions of section 230 of the Companies Act 2013, and not under the IBC, we were pre-empting a default. But instead we are in the IBC now!," he said. But ironically, lenders led by Uco Bank rejected the NCLT approved debt restructuring proposal, saying Srei was not a defaulter and "even today I don't understand why we were refused a moratorium", he said.