Default31 Aug 2026, 06:52 pm
Siti Networks Defaults on Loan Repayments, Total Debt Over ₹1,200 Cr
AI Summary
Siti Networks Limited has disclosed defaults on term loan installments, with the total outstanding borrowings from banks and financial institutions exceeding ₹1,206 crore as of August 10, 2023. The company is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT Mumbai on February 22, 2023. The default date is July 31, 2026, and it continues beyond 30 days. Lenders include ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, Indusind Bank, Vani Agencies Pvt. Ltd., and ICNCL. A related party claim from ZEEL assigned to Vani Agencies Pvt. Ltd. is also involved in legal proceedings regarding its classification and inclusion in the Committee of Creditors.
Key Highlights
- Siti Networks defaults on term loan installments.
- Total outstanding debt exceeds ₹1,206 crore.
- Company is under Corporate Insolvency Resolution Process (CIRP).
- Multiple banks and financial institutions are lenders.
- Legal dispute exists over a related party claim's classification.
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