The Mumbai bench of the National Company Law Tribunal (NCLT) has deferred the hearing concerning the insolvency resolution of cable TV distribution company Siti Networks to April 3. The adjournment comes amidst pending applications, signaling irregularities in the resolution process and changes in the commencement date, noted the bench consisting of judicial member Lakshmi Gurung and technical member Charanjeet Singh Gulati. All decisions made by the committee of creditors will await the tribunal’s final ruling on these applications, the NCLT clarified.
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The application, filed by the suspended board of directors, challenges the timeline proposed by the resolution professional, Rohit Mehra. Siti Networks entered the corporate insolvency resolution process in February 2023, only to be temporarily halted by the National Company Law Appellate Tribunal (NCLAT) in March, later reinstated in August 2023.
Currently, the company faces claims exceeding ₹1,800 crore in debt, including significant amounts owed to financial and operational creditors. Notable secured financial creditors include Zee Entertainment Enterprises, Asset Reconstruction Company India, Axis Bank, Aditya Birla Finance, and IDBI Bank, while operational creditors comprise Zee Entertainment, Calcutta Communication, Star India, TV18 Broadcast, and Culver Max Entertainment, among others.
