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 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 timeline of the Corporate Insolvency Resolution Process...and scheduled it for voting," a statement said.
Corporate Insolvency Resolution Process was initiated against Siti Networks in February last year by the National Company Law Tribunal.
As per Section 12(1) of the Insolvency & Bankruptcy Code, a CIRP should ordinarily be completed within 180 days. However, it can be extended up to 330 days.
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