Lenders Of Siti Networks To Request More Time For CIRP
Corporate Insolvency Resolution Process was initiated against Siti Networks in February last year by the National Company Law Tribunal.
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.
