Siti Networks Defaults on Loan Repayment; NCLAT Upholds Insolvency Order

Siti Networks Ltd. has defaulted on loan repayments to multiple lenders, including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, and Vani Agencies Pvt. Ltd. The default amount stands at INR 1,206.03 crore. The National Company Law Tribunal (NCLT) initiated the Corporate Insolvency Resolution Process (CIRP) of Siti Networks Limited on 22 February 2023. The NCLAT dismissed the appeal against the admission order on 14 August 2023, reinstating the CIRP. The NCLT, on 1 October 2024, held that the CIRP-related activities should be reckoned from 22 February 2023, and the moratorium under Section 14 of the Code was applicable during the Stay Period. The NCLAT, on 31 July 2025, dismissed all appeals and directed the financial creditors to remit the amount back to the corporate debtor along with accrued interest. Certain financial creditors have preferred appeals before the Hon’ble Supreme Court against the judgment of the Hon’ble NCLAT dated 31st July 2025.