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

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- Siti Networks, part of Essel Group, has been ordered by an insolvency tribunal to repay ₹143 crore to Axis Bank and other financial creditors. - The order came after Asset Reconstruction Company alleged that certain creditors had unlawfully withdrawn funds from Siti during a stay on insolvency proceedings. - Axis Bank had withdrawn and distributed around ₹143 crore to various lenders, including IndusInd Bank, RBL Bank, Aditya Birla Finance, and IDBI Bank, during the stay period. - The Mumbai bench of the National Company Law Tribunal directed the reversal of all transactions and appropriations made during the stay period, and the amounts should be remitted back to Siti within four weeks. - The tribunal did not take any action against Axis Bank for the funds withdrawal, citing the absence of a specific prayer for prosecution in the case.