Siti Network's lenders to seek more time for CIRP

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.

"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.