IDBI drags Siti Networks to bankruptcy court

IDBI Bank has filed a fresh insolvency petition against the Essel Group promoted cable company Siti Networks Ltd becoming the third lender to drag the debt laden company to court as banks step up pressure on the Zee Group to recover their dues.

Siti owes a group of nine lenders a total of Rs 850 crore. Earlier this year IndusInd Bank and Housing Development Finance Corp Ltd (HDFC) had filed similar petitions to recover their dues. Axis Bank has the maximum exposure of Rs 200 crore among lenders. IDBI has a Rs 115 crore exposure.