New Delhi: Lenders of Citi Networks have decided to seek more time to complete the insolvency resolution process of the debt-ridden company.
The Committee of Creditors (CoC) of Citi Networks held a meeting last week, in which the resolution professional discussed the timelines, claims, legal and CIRP related updates for the resolution process.
"After discussion, the CoC decided to extend the deadline for the corporate insolvency resolution process...and scheduled it for voting," it said in a statement.
The corporate insolvency resolution process (CIRP) was initiated against Citi Networks by the National Company Law Tribunal (NCLT) in February last year.
As per Section 12(1) of the Insolvency and Bankruptcy Code (IBC), a CIRP must generally be completed within 180 days. However, this can be extended up to 330 days.
The Committee of Creditors (CoC) of Citi Networks held a meeting last week, in which the resolution professional discussed the timelines, claims, legal and CIRP related updates for the resolution process.
"After discussion, the CoC decided to extend the deadline for the corporate insolvency resolution process...and scheduled it for voting," it said in a statement.
The corporate insolvency resolution process (CIRP) was initiated against Citi Networks by the National Company Law Tribunal (NCLT) in February last year.
As per Section 12(1) of the Insolvency and Bankruptcy Code (IBC), a CIRP must generally be completed within 180 days. However, this can be extended up to 330 days.
