Siti Broadband IRP Seeks Claim Details From Creditors

Siti Broadband is undergoing insolvency resolution after NCLT admitted its financial creditor Aditya Birla Finance’s petition against the company
Siti Broadband IRP Seeks Claim Details From Creditors

Siti Broadband Services Private Ltd.’s Interim Resolution Professional (IRP) Harvinder Singh is seeking claim details from the company’s creditors.

The creditors must submit their claims with proof by 14 November, Singh said in a public announcement. The e-mail to be used for correspondence with the IRP is sitibroadband.cirp@gmail.com, he added.

Siti Broadband, a unit of Siti Networks Ltd., is undergoing the corporate insolvency resolution process (CIRP) after the National Company Law Tribunal (NCLT) admitted a petition against the company on 31 October.

The insolvency petition was filed by Siti Broadband’s financial creditor Aditya Birla Finance Ltd., claiming a default of over 4 crore rupees ($481,032) related to a term loan facility, the NCLT order showed.

The NCLT’s New Delhi bench had appointed Singh as IRP of Siti Broadband and directed him to take necessary steps mandated in the bankruptcy law for the insolvency resolution.

Siti Broadband’s CIRP is likely to be completed by 27 April 2024, according to the public announcement.

(Note: $1 = 83.1546 Indian rupees)

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