Legal31 March 2026 at 01:41 pm
Siti Networks Defaults on Loan Repayments, NCLAT Dismisses Appeal
AI Summary
Siti Networks Limited has defaulted on term loan installments to various lenders including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, Induslnd Bank, Vani Agencies Pvt. Ltd., and ICNCL. The default amount as of February 28, 2026, is INR 1,206.03 crore. The company is undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The National Company Law Appellate Tribunal (NCLAT) has dismissed the company's appeal against the initiation of CIRP. The NCLAT has also directed that the amounts appropriated by the lenders during the Stay Period be kept in a separate interest-bearing account during the pendency of the appeals.
Key Highlights
- Siti Networks has defaulted on term loan installments to various lenders.
- The default amount as of February 28, 2026, is INR 1,206.03 crore.
- The company is undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.
- The National Company Law Appellate Tribunal (NCLAT) has dismissed the company's appeal against the initiation of CIRP.
- The NCLAT has directed that the amounts appropriated by the lenders during the Stay Period be kept in a separate interest-bearing account during the pendency of the appeals.