Siti Network's lenders to seek more time for CIRP
Corporate Insolvency Resolution Process (CIRP) was initiated against Siti Networks in February last year by the National Company Law Tribunal (NCLT).
![Siti Network's lenders to seek more time for CIRP](https://cdn.zeebiz.com/sites/default/files/2024/06/24/301251-siti-1.jpg?im=FitAndFill=(1200,900))
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.
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