NCLT Mumbai Issues Notice To SITI Networks Ltd. In Section 7 IBC Petition Filed By HDFC LTD.

Housing Development Finance Corporation Ltd. ("Financial Creditor") had filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), seeking initiation of Corporate Insolvency Resolution Process ("CIRP") against SITI Networks Ltd. ("Corporate Debtor"), for an alleged default of approximately Rs. 296 Crores in respect of the financial facility granted by the Financial Creditor. The matter was heard by the NCLT, Mumbai Bench ("Adjudicating Authority") on 30.03.2022 and accordingly, notice was issued to the Corporate Debtor with the liberty to file a reply. The matter is next listed on 22.04.2022.

Further, the Adjudicating Authority has directed the Financial Creditor to place on record the following information on the next date of hearing:

1. Consent of Interim Resolution Professional;
2. Any reply from the SITI Networks Ltd. company;
3. Any reply by the Debtor company on receipt of main Company Petition;
4. Copy of Ledger account of the Corporate Debtor in the books of the Financial Creditor; and
5. Affidavit of service of notice intimating the next date of hearing to the Corporate Debtor with tracking reports.

Case Title: Housing Development Finance Corporation limited v SITI Networks Limited, C.P. (IB)/414(MB)2022.

Counsel for Financial Creditor: Adv. Ishwar Nankani

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