A petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 was filed by SITI Networks Ltd. against SCOD 18 Networking Pvt. Ltd. for a debt of ₹11,00,00,000. The petition was admitted on 2018-09-06, initiating insolvency proceedings and imposing a moratorium. Subsequently, SITI Networks Ltd. submitted Form FA, requesting withdrawal of the Section 7 petition based on a settlement with SCOD 18 Networking Pvt. Ltd.
SITI Networks Ltd. initiated insolvency proceedings against SCOD 18 Networking Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a debt of ₹11,00,00,000. The petition was admitted on 2018-09-06, leading to the commencement of insolvency proceedings and the imposition of a moratorium. A settlement was reached between SITI Networks Ltd. and SCOD 18 Networking Pvt. Ltd. on 2018-10-26, where the shareholders of SCOD 18 Networking Pvt. Ltd. agreed to pay ₹5,50,00,000 in three installments. The Committee of Creditors, consisting solely of SITI Networks Ltd., approved the settlement and the withdrawal of the petition. SITI Networks Ltd. submitted Form FA, requesting the withdrawal of the petition under Section 12A of the Code. The IRP, Snehal
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The Section 7 petition filed by SITI Networks…
A Deed of Settlement was executed between SITI…
A petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 was filed by SITI Networks Ltd. against SCOD 18 Networking Pvt. Ltd. for a debt of ₹11,00,00,000. The petition was admitted on 2018-09-06, initiating insolvency proceedings and imposing a moratorium. Subsequently, SITI Networks Ltd. submitted Form FA, requesting withdrawal of the Section 7 petition based on a settlement with SCOD 18 Networking Pvt. Ltd.
SITI Networks Ltd. initiated insolvency proceedings against SCOD 18 Networking Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a debt of ₹11,00,00,000. The petition was admitted on 2018-09-06, leading to the commencement of insolvency proceedings and the imposition of a moratorium. A settlement was reached between SITI Networks Ltd. and SCOD 18 Networking Pvt. Ltd. on 2018-10-26, where the shareholders of SCOD 18 Networking Pvt. Ltd. agreed to pay ₹5,50,00,000 in three installments. The Committee of Creditors, consisting solely of SITI Networks Ltd., approved the settlement and the withdrawal of the petition. SITI Networks Ltd. submitted Form FA, requesting the withdrawal of the petition under Section 12A of the Code. The IRP, Snehal
…The Section 7 petition filed by SITI Networks…
A Deed of Settlement was executed between SITI…