More Details on This News

Siti Networks Limited, under Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, has disclosed defaults on loan payments.

As of December 31, 2025, the total loan amount outstanding from banks and financial institutions was ₹1,206.03 crore, with a default amount of ₹1,206.03 crore. This disclosure is in compliance with SEBI circulars regarding defaults on payment of interest or principal on loans.

The company's CIRP was initiated by the National Company Law Tribunal (NCLT), Mumbai Bench, on February 22, 2023. An appeal filed by a director against this order was dismissed by the National Company Law Appellate Tribunal (NCLAT) on August 10, 2023, reinstating the CIRP. Subsequently, the NCLT, on October 1, 2024, fixed the insolvency commencement date as February 22, 2023, and ruled that transactions during the stay period should be reversed. Appeals against this order were filed, and on July 31, 2025, the NCLAT dismissed these appeals, directing financial creditors to remit amounts back to the corporate debtor. Certain financial creditors have now preferred appeals before the Hon'ble Supreme Court, where a stay has been granted.