 "IBC, insolvency, bankruptcy, NCLT, company, firms")
Essel Group entity Siti Networks (SNL) on Friday said IDBI Bank had filed an insolvency petition against it before the National Company Law Tribunal. Two other lenders – Housing Finance Development Corporation (HFDC) and IndusInd Bank – had filed petitions against the firm earlier under the Insolvency and Bankruptcy Code.
In each case, SNL is said to have defaulted on repayments in excess of Rs 100 crore.
Siti said in a BSE filing that it had been made aware that IDBI Bank had filed an insolvency petition before the NCLT’s Mumbai Bench. However, it said it had not received any
