Siti Networks Ltd. said India’s National Company Law Appellate Tribunal (NCLAT) stayed the bankruptcy court’s insolvency order against the company.

The development came after Essel Group-promoted cable company’s Independent Director Shilpi Asthana challenged the National Company Law Tribunal (NCLT) insolvency order passed in February, Siti Networks said in a stock exchange announcement.

The NCLAT stayed the operation and effect of the NCLT order after hearing the appeal on 6 and March 7, it added.

Siti Networks, formerly known as Siti Cable Network Ltd., also said the appellate tribunal has adjourned the matter for filing of reply by IndusInd Bank Ltd.

The Mumbai bench of the NCLT on 22 February had admitted the financial creditor IndusInd Bank’s insolvency resolution petition against Siti Networks, and appointed Mohit Mehra as the interim resolution professional of the company.

The appellate tribunal, which gave IndusInd Bank two weeks to submit its reply, will hear the matter on 29 March, according to the NCLAT’s order.

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