HDFC moved NCLT against SITI Networks claiming default of Rs 296 cr

Housing Development Finance Corporation Ltd (HDFC) has moved insolvency tribunal NCLT against the country’s leading multi-system operator SITI Networks Ltd for an alleged default of Rs 296 crore.

SITI Networks has received a notice issued by the Mumbai bench of the National Company Law Tribunal over the petition filed by HDFCL, the Essel group firm said in a regulatory filing on Thursday.

“The company has received the notice of the said case on April 13, 2022,” the Essel group firm said adding it “is compiling information to verify the facts claimed in the said petition filed by HDFC.

HDFC, in the petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), has claimed a total default of Rs 296.06 crore, with respect to the financial facility provided by it.

“In the said petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules, 2016, HDFC has allegedly claimed that the total amount in default with respect to the financial facility is Rs 296,06,48,008/- as on January 31, 2022,” it said.

Earlier on March 30, 2022, SITI Networks had informed the exchanges that it had been made aware about a petition filed before the NCLT by HDFC.

SITI Networks, formerly known as SITI Cable Network, is a part of the Essel Group.

It provides its cable services in at 580 locations and adjoining areas, reaching out to over 11.3 million digital customers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor