Siti Networks Insolvency Resolution Extended
Jun 24, 2024 17:44
Lenders of Siti Networks have sought more time to complete the insolvency resolution process of the debt-ridden firm. The CoC met last week to discuss timelines and process updates.
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New Delhi, Jun 24 (PTI) Lenders of Siti Networks have decided to seek more time for completion of the insolvency resolution process of the debt-ridden firm.
The Committee of Creditors (CoC) of Siti Networks held a meeting last week, in which the resolution professional discussed CIRP-related updates for timelines, claims, legal and resolution process.
"Following discussions, the CoC decided to extend the time line of the Corporate Insolvency Resolution Process...and scheduled it for voting," a statement said.
Corporate Insolvency Resolution Process (CIRP) was initiated against Siti Networks in February last year by the National Company Law Tribunal (NCLT).
As per Section 12(1) of the Insolvency & Bankruptcy Code (IBC), a CIRP should ordinarily be completed within 180 days. However, it can be extended up to 330 days.
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