Default31 Jul 2026, 04:05 pm
Siti Networks Defaults on Loan Payments, Faces CIRP
AI Summary
Siti Networks Limited has disclosed defaults on term loan installments to multiple lenders including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, Induslnd Bank, Vani Agencies Pvt. Ltd., and ICNCL. The default date is June 30, 2026, and it continues beyond 30 days. The total outstanding claims from these lenders as of August 2, 2023, were approximately ₹1,500 crore, with Axis Bank, ARCIL, and ABFL having the largest claims. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT on February 22, 2023. Appeals and counter-appeals related to the CIRP and appropriation of funds during a stay period are ongoing.
Key Highlights
- Siti Networks defaulted on term loan payments as of June 30, 2026.
- Total lender claims exceed ₹1,500 crore.
- Company is under Corporate Insolvency Resolution Process (CIRP).
- Legal battles continue regarding CIRP and fund appropriation.
- Multiple banks and financial institutions are listed as lenders.
Price Impact
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