Siti Networks Defaults on Loan Payments

Siti Networks Limited has disclosed defaults on interest and principal payments for term loans from multiple lenders including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, Indusind Bank, Vani Agencies Pvt. Ltd., and ICNCL. The total outstanding borrowings from banks and financial institutions are substantial, with claims submitted as of February 22, 2023, totaling ₹1,206.03 crore and increasing to ₹1,500 crore by August 10, 2023. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT in February 2023. Recent legal developments include an NCLT order on August 27, 2026, allowing Vani Agencies Pvt. Ltd. to be included in the Committee of Creditors, and an NCLAT order on August 10, 2023, dismissing an appeal against the CIRP initiation.