Siti Networks Defaults on Loan Repayments, NCLAT Dismisses Company Appeal

Siti Networks Ltd. has defaulted on term loan installments to multiple banks, including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd., and ICNCL. The default amount, including principal and interest, is approximately INR 2180.85 crore. The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, with Mr. Rohit Mehra as the Interim Resolution Professional (IRP). The National Company Law Tribunal (NCLT) has fixed the insolvency commencement date at 22 February 2023 and held that the moratorium under Section 14 of the Code was applicable during the Stay Period. The NCLAT has dismissed the company's appeal against the Admission Order 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.