Housing Development Finance Corporation Limited (HDFC) has moved National Company Law Tribunal (NCLT) against SITI Networks Limited for an alleged default on payment of Rs 2.96 billion.

SITI Networks, formerly known as SITI Cable Network, is a part of the Essel Group. It provides its cable services in at 580 locations and adjoining areas, reaching out to over 11.3 million digital customers.

As per the regulatory filing by the Essel group firm, SITI Networks has received a notice issued by the Mumbai bench of the NCLT over the petition filed by HDFCL.

HDFC, in the petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), has claimed a total default of Rs 2.96 billion, with respect to the financial facility provided by it.

Earlier on March 30, 2022, SITI Networks had informed the exchanges that it had been made aware about a petition filed before the NCLT by HDFC.