Default30 Jun 2026, 10:50 pm
Siti Networks Defaults on Loan Repayments, Total Debt ₹1,206 Cr
AI Summary
Siti Networks Limited has disclosed defaults on term loan installments and interest payments to multiple lenders including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd., and ICNCL. The default date was May 31, 2026, continuing beyond 30 days. The total outstanding claims from these banks as of August 10, 2023, amounted to ₹1,206.03 crore. This disclosure follows the initiation of Corporate Insolvency Resolution Process (CIRP) by the NCLT on February 22, 2023, with subsequent legal challenges and appeals. The NCLAT has upheld the CIRP, and the company's board powers are suspended, vested with the IRP.
Key Highlights
- Siti Networks defaulted on term loan installments and interest payments.
- Total outstanding claims from lenders exceed ₹1,200 crore.
- CIRP was initiated in February 2023 and has been reinstated.
- Company's board powers are suspended and vested with the IRP.
Price Impact
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