HDFC asserts default of Rs 296 crore by SITI Networks, proceeds NCLT

Housing Development Finance Corporation (HDFC) has moved insolvency tribunal NCLT against the country's leading multi-system operator SITI Networks for an alleged default of Rs 296 crore. The company said in a regulatory filing, SITI Networks has received a notice issued by the Mumbai bench of the National Company Law Tribunal over the petition filed by HDFCL.

"The company has received the notice of the said case on April 13, 2022," the Essel group firm said, adding it is "compiling information" to verify the facts claimed in the said petition filed by HDFC.

HDFC, in the petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), has claimed a total default of Rs 296.06 crore, with respect to the financial facility provided by it.

"In the said petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules, 2016, HDFC has allegedly claimed that the total amount in default with respect to the financial facility is Rs 296,06,48,008/- as on January 31, 2022," it said.

Earlier on March 30, 2022, SITI Networks had informed the exchanges that HDFC had informed the company about a petition filed before the NCLT.