Siti Networks Limited has disclosed defaults on interest and principal repayment for loans from several banks, including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, Indusind Bank, Vani Agencies Pvt. Ltd., and ICNCL. The default on term loan installments occurred on January 31, 2026, and has continued for over 30 days. As of February 22, 2023, the total claim amount submitted by these lenders was ₹1,500 crore, with a principal amount of ₹1,206.03 crore. These disclosures are made in compliance with SEBI Circular No. SEBI/HO/CFD/CMDI/CIR/2019/140 dated November 21, 2019. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the National Company Law Tribunal (NCLT) on February 22, 2023. The NCLT's order was upheld by the National Company Law Appellate Tribunal (NCLAT) on August 10, 2023, reinstating the CIRP. Further legal proceedings have occurred, including an order on October 1, 2024, by the NCLT, which fixed the insolvency commencement date at February 22, 2023, and ruled that CIRP activities should be reckoned from that date. Appeals against this order were heard by the NCLAT, which on July 31, 2025, dismissed them and directed financial creditors to remit amounts back to the corporate debtor. Certain financial creditors have since appealed to the Hon'ble Supreme Court, which has granted a stay on the remittance of amounts received during the CIRP stay period.
