Tribunal orders lenders of insolvent Siti Networks to return ₹148 crore to company

An insolvency tribunal has directed Axis Bank and other financial creditors of bankrupt Siti Networks to repay the company ₹143 crore. Siti Network, part of the Essel Group, is undergoing insolvency proceedings.

The tribunal’s order, issued on Tuesday, is based on a petition filed by Asset Reconstruction Company (India) Ltd, one of the creditors, which alleged that certain other creditors had unlawfully withdrawn funds from Siti while a stay on the insolvency proceedings was in effect.