Debt

Debt financing

HDFC moves NCLT against Essel Group's SITI Networks over default of Rs.296-Cr

Economic Times  

Housing Development Finance Corporation Ltd (HDFC) has moved insolvency tribunal NCLT against multi-system operator SITI Networks Ltd. HDFC, in the petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), has claimed a total default of INR 296.06 crore, with respect to the financial facility provided by it. SITI Networks (formerly SITI Cable Network), is a part of the Essel Group. It provides cable services in 580 locations reaching out to over 11.3 million digital customers.