The Mumbai bench of NCLT has postponed the hearing of the bankruptcy case of City Networks till April 3. Cable TV distributor company Citi Networks is currently going through the insolvency resolution process.
The process started a year ago
The insolvency process of Citi Networks was started in February 2023. Then Rohit Mehra was selected as the resolution professional for the process. After that, in March last year also the bankruptcy process was put on hold. At that time NCLAT had put a stay on the process, which was reinstated after a few months in August 2023.
Application received from suspended board
Mumbai bench of NCLT. A few days ago, an application was received from the suspended board of the company, in which the dates set by the resolution professional have been opposed. The hearing on the application has been postponed till April 3. NCLT said that many applications are pending in connection with the case. In such a situation, any decision of the Committee of Creditors will be effective only after the final order of the Tribunal on the pending applications.
So much debt on the company
City Networks currently has outstanding dues of Rs 1,800 crore. Are. The company has accepted claims worth a little more than Rs 1,800 crore till March 20. Of these, claims of Rs 1,129 crore are from financial creditors, while claims of Rs 694 crore are from operational creditors.
Creditors of Citi Networks
Financial creditors of the company include Zee Entertainment Enterprises (148 These include Asset Reconstruction Company India (Rs 339 crore), Axis Bank (Rs 223 crore), Aditya Birla Finance (Rs 166 crore) and IDBI Bank (Rs 151 crore). Top operational creditors include Zee Entertainment (Rs 482 crore), Calcutta Communication (Rs 83 crore), Star India (Rs 49 crore), TV18 Broadcast (Rs 29 crore) and Sony-owned Culver Max Entertainment (Rs 13 crore). Are.
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