NCLT Admits Insolvency Plea Against Essel Group Firm Siti Networks

India's National Company Law Tribunal (NCLT) admitted an insolvency resolution petition against Essel Group-promoted cable company Siti Networks Ltd.

The Mumbai bench of the NCLT has appointed Mohit Mehra as the interim resolution professional (IRP) of Siti Networks, according to the tribunal proceedings.

The insolvency resolution petition against Siti Networks, formerly known as Siti Cable Network Ltd., was filed by its financial creditor IndusInd Bank.

Siti Networks, which was also dragged by IDBI Bank to the NCLT, is one of India's largest multi system operator, according to its website.

With 15 digital head ends and a network of more than 33,000 kilometres of optical fiber and coaxial cable, the company provides its cable services in India's 580 locations and adjoining areas, reaching out to over 11.3 million digital customers, it said.

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