Siti Networks Insolvency Resolution Extended
By Rediff Money Desk, New Delhi 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.
![Siti Networks Insolvency Resolution Extended](https://im.rediff.com/money/2021/apr/05insolvency1.jpg)
Illustration: Dominic Xavier/Rediff.com
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.
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.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...