IndusInd Bank Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Siti Networks Limited, citing an unresolved financial debt of Rs. 1,48,82,90,236.22. The financial creditor claimed that the corporate debtor defaulted on its payment obligations. The corporate debtor resisted the admission of the petition, primarily arguing that the loan agreement was insufficiently stamped, the petition was filed by an unauthorized person, and the default occurred during the COVID-19 period, thus being barred by Section 10A of the Code.
IndusInd Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Siti Networks Limited (Corporate Debtor) due to a financial debt of Rs. 1,48,82,90,236.22. The debt arose from two term loans (Term Loan 1 and Term Loan 2) sanctioned to the Corporate Debtor. The Corporate Debtor defaulted on maintaining the Debt Service Reserve Account (DSRA) and failed to make payments as per the loan agreements. The Financial Creditor issued notices of default and demand. The Corporate Debtor argued that the loan agreement was insufficiently stamped, the petition was filed by an unauthorized person, and the default occurred during the COVID-19 period, thus being barred by Section 10A of the Code. The
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Sanction Letter dated 29 June 2018 bearing ref.…
Hypothecation Agreement for Multi-Facility…
IndusInd Bank Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Siti Networks Limited, citing an unresolved financial debt of Rs. 1,48,82,90,236.22. The financial creditor claimed that the corporate debtor defaulted on its payment obligations. The corporate debtor resisted the admission of the petition, primarily arguing that the loan agreement was insufficiently stamped, the petition was filed by an unauthorized person, and the default occurred during the COVID-19 period, thus being barred by Section 10A of the Code.
IndusInd Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Siti Networks Limited (Corporate Debtor) due to a financial debt of Rs. 1,48,82,90,236.22. The debt arose from two term loans (Term Loan 1 and Term Loan 2) sanctioned to the Corporate Debtor. The Corporate Debtor defaulted on maintaining the Debt Service Reserve Account (DSRA) and failed to make payments as per the loan agreements. The Financial Creditor issued notices of default and demand. The Corporate Debtor argued that the loan agreement was insufficiently stamped, the petition was filed by an unauthorized person, and the default occurred during the COVID-19 period, thus being barred by Section 10A of the Code. The
…Sanction Letter dated 29 June 2018 bearing ref.…
Hypothecation Agreement for Multi-Facility…