Default1 Jun 2026, 01:22 pm
Siti Networks Defaults on Loan Payments to Banks
AI Summary
Siti Networks Ltd discloses defaults on loan and interest payments to various banks and financial institutions, including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd., and ICNCL. As of April 30, 2026, the total outstanding borrowing amount is ₹1,206.03 crore against claims of ₹1,500 crore. The company is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT, with ongoing appeals in the Supreme Court regarding amounts appropriated during the stay period.
Key Highlights
- Siti Networks defaulted on term loan installments from multiple lenders as of April 30, 2026.
- Total default amount includes principal and interest, with claims totaling ₹1,500 crore.
- CIRP was initiated on February 22, 2023, and is subject to ongoing appeals in the Supreme Court.
- A stay is granted by the Supreme Court regarding the remittance of amounts received during the CIRP stay period.
- The disclosure is based on claims received from financial creditors as of August 10, 2023.
Price Impact
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