Latest News | Siti Networks' Lenders to Seek More Time for CIRP
Get latest articles and stories on Latest News at LatestLY. Lenders of Siti Networks have decided to seek more time for completion of the insolvency resolution process of the debt-ridden firm.
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.
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"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 above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)