Siti Networks defaults on ₹1,500 Cr bank loans; CIRP reinstated
Siti Networks Ltd has disclosed defaults on payment of interest and principal amounts for loans from various banks and financial institutions, including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd., and ICNCL. The default date is March 31, 2026, and it has continued for over 30 days. The total outstanding borrowings from these lenders amount to ₹1,500 crore as of August 10, 2023. The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP), which was initiated by the NCLT on February 22, 2023. After an interim stay by NCLAT, the CIRP was reinstated on August 10, 2023, with the NCLT confirming the insolvency commencement date as February 22, 2023. The powers of the Board of Directors are suspended and vested in the Interim Resolution Professional.
Key Highlights
- Siti Networks defaulted on interest/principal payments for bank loans.
- Total outstanding debt from banks and FIs is ₹1,500 crore.
- The company is under Corporate Insolvency Resolution Process (CIRP).
- NCLT initiated CIRP on Feb 22, 2023, and it was later reinstated.
- Board powers are suspended, vested in the Interim Resolution Professional.