NCLT adjourns Siti Networks bankruptcy hearing to April 3
economictimes.indiatimes.comNational Company Law Tribunal (NCLT) recently adjourned the hearing of an application in cable TV distribution company Siti Networks' insolvency resolution matter to April 3.
Before that, the bench, comprising judicial member Lakshmi Gurung and technical member Charanjeet Singh Gulati, observed that various applications were pending, highlighting irregularities in the process and the change in the date of the start of the resolution process. Hence, all the material decisions of the process and the committee of creditors would be subject to the tribunal's final order on the pending applications, the NCLT said. The application was moved by the suspended board of directors of the company which has contested the timeframe set by the resolution professional.
Siti was admitted to the corporate insolvency resolution process in February 2023, with Rohit Mehra as the resolution professional.
The National Company Law Appellate Tribunal (NCLAT) halted the insolvency proceeding in March but reinstated it in August 2023.
As of March 20, the company had admitted claims totalling to more than ₹1,800 crore in debt, including ₹1,129 crore payable to financial creditors and ₹694 crore to operational creditors.
The company's secured financial creditors include Zee Entertainment Enterprises (₹ 148 crore), Asset Reconstruction Company India (₹339 crore), Axis Bank (₹ 223 crore), Aditya Birla Finance (₹166 crore) and IDBI Bank ( ₹151 crore). Its top operational creditors include Zee Entertainment ( ₹482 crore), Calcutta
