Siti Networks Lenders Seek Extension for Insolvency Resolution

Lenders of Siti Networks aim to extend the insolvency resolution process. Discussions in a recent Committee of Creditors meeting highlighted the need for more time, leading to the decision to seek an extension beyond the typical 180 days stipulated by the Insolvency & Bankruptcy Code.

Lenders of Siti Networks are seeking additional time to complete the insolvency resolution process for the debt-laden company. This decision emerged from a recent meeting of the Committee of Creditors (CoC), during which resolution professionals provided updates on the Corporate Insolvency Resolution Process (CIRP), including timeline adjustments, claims, and legal considerations.

In a statement, the CoC noted their conclusion to extend the timeframe for the CIRP and subsequently scheduled a vote on the matter. CIRP proceedings for Siti Networks commenced in February of the previous year as mandated by the National Company Law Tribunal (NCLT).

According to Section 12(1) of the Insolvency & Bankruptcy Code (IBC), the standard duration for completing a CIRP is 180 days, though extensions up to 330 days are permissible under certain circumstances.

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