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Siti lenders to hold ₹143 cr separately
Mint Mumbai
|October 31, 2024
The National Company Law Appellate Tribunal (NCLAT) has ordered Axis Bank Ltd and other creditors of bankrupt Siti Networks, a subsidiary of Essel Group, to keep ₹143 crore in a separate interest-bearing account.
This decision came in response to a challenge to an order from the National Company Law Tribunal (NCLT) in Mumbai dated 1 October mandating the lenders repay this amount to Siti Networks, which is currently undergoing insolvency proceedings.
NCLAT agreed to hear the lenders' challenge against the NCLT's ruling but noted the need to protect Siti Networks' interests by maintaining the funds in a separate account until a final decision is reached.
This story is from the October 31, 2024 edition of Mint Mumbai.
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